New Delhi, Jan 8 (IANS): The Income Tax Department carried out search and seizure action on three real estate and stock broking groups of Kolkata earlier this week, a statement said.

The search operation on January 5 was conducted based on the available data in the departmental database, analysis of their financial statements, on market intelligence and field enquiries.

The search action has resulted in unearthing of incriminating evidence revealing various shell entities being used for raising bogus share capital/unsecured loans, the release by the Department said.

Evidence of out of the books cash transactions have also been found. Further, significant amount of un-booked revenue on account of sale of flats was detected, the statement said.

During the course of search proceedings, as a result of enquiries conducted, it has been established that the persons of the group have used paper/shell companies to route back their own unaccounted money.

A total concealment of income amounting to Rs 365 crore has been detected so far. The assessees have made an admission of undisclosed income amounting to Rs 111 crore.

The search action has resulted in seizure of unaccounted cash of Rs 3.02 crore and jewellery worth Rs 72 lakh.

Further investigations are in progress.