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Kolkata is shell companies' favourite address, taxmen plan major crackdown

Taxmen say almost 90% of such firms are in the city, plan crackdown

Namrata Acharya  |  Kolkata 

Kolkata has turned out to be India’s own tax haven, thanks to the presence of a large number of shell companies (the term for formal existence but with close to no operations or assets). The income-tax (I-T) department is now planning a major crackdown on such companies here. This is part of a recent initiative by the central government to put a curb on ‘paper companies’, to unearth undisclosed money. Arijit Pasayat, vice-chairman of the Special Investigation Team on such money (it was appointed by the Supreme Court) comes here on Tuesday to meet I-T ...

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