IT Dept raids 26 premises of 2 realty firms & finds Rs 875 cr worth undisclosed deals, incriminating documents seized

New Delhi: Income Tax Department has found undisclosed transactions of Rs 875 crore in a raid on two realty firms in Jaipur.

The raid was conducted at 26 premises linked to these companies, CBDT said in a statement. 

One of the real estate companies raided way found to be hiding transaction s for the last 6-7 years. Many incriminating documents like unaccounted receipts have been unearthed in the search operations. Various unexplained expenses and unexplained assets were also. The total dubious transactions that have been found in this real estate company stands at Rs 650 crore.

The other realty firm raised by IT dept has been involved in development of commercial properties, residential enclaves, farmhouses and townships. This company had shown an investment of merely Rs 1 lakh in taking over a realty project at the airport plaza but the WIP or the closing stock for this project in the books of accounts was found to be Rs 133 crore.

Substantial income from several affordable project schemes run by this second firm had not been mentioned in the books of account. All the documents related to these have been seized by the IT dept. 

This second firm had also given unaccounted loans in cash to several people amounting to total of Rs 19 crore. It was also earning interest on amount but the same was not shown in the books of accounts. Total unaccounted deals amounting to around Rs 225 crore have been unearthed in this second company.

However, the CBDT did not name the two firms.

 

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