IT dept detects unaccounted financial deals worth Rs 500 cr in major raid on realty player
New Delhi: The Income Tax sleuths have detected unaccounted financial deals to the tune of Rs 500 crore in a raid on an Ahmedabad-based real estate player and involved brokers, the CBDT has said.
"Documents reveal unaccounted income of more than Rs 200 crore in the hands of the real estate group and also unaccounted income of more than Rs 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers."
"Over all, the search & seizure operation has resulted in the detection of unaccounted transactions of more than Rs 500 crore," CBDT said in a statement.
The raids were carried out at 22 premises of the real estate group and the brokers on 28 Sep. CBDT said Rs 1 crore cash and jewellery worth Rs 98 lakh was also seized. As many as twenty-four lockers have been seized.
Some of the incriminating papers, digital evidences have been held by the CBDT and these "evidences" have enough details of the real estate company’s unaccounted deals spread across many fiscals, the statement said.
"Documents showing unaccounted investment in land of more than Rs 200 crore and unaccounted cash receipts from sale of land amounting to more than Rs 100 crore have been seized so far.
"A large number of original documents of properties purchased over the years, which are apparently held in the name of benami individuals have also been found," CBDT said.