Income Tax department detects ‘unaccounted transactions’ worth over ₹500 crore at Ahmedabad real estate firm

 








The Income Tax department raided an Ahmedabad-based real estate developer, resulting in the detection of unaccounted transactions worth more than ₹500 crore, the Central Board of Direct Taxes (CBDT) claimed on Saturday, adding that the operation, which was a part of a tax evasion probe, was also conducted on brokers linked to the developer.

Documents have revealed unaccounted income of more than ₹200 crore each in the hands of the real estate group, as well as parties recorded on documents recovered from the brokers. Overall, the exercise led to the detection of unaccounted transactions of more than ₹500 crore,” the CBDT, which frames policy for the IT department, said in a statement, according to news agency PTI.

“Several documents related to the purchase of properties over the years, which are apparently held in the name of benami individuals, were also found,” the statement further stated.

The recoveries made during the raid include ₹1 crore cash and jewellery worth ₹98 lakh, the statement noted on the September 28 operation, which, the department said, is still underway. “Incriminating documents, loose papers, digital evidence have been seized from the premises of the real estate developer. These evidences contained detailed record of the group’s unaccounted transactions which took place across several years,” the CBDT further said.

Total twenty-four lockers have been put under restraint, the board added.

Nearly two dozen premises of the real estate developer were subjected to the raid, according to CBDT.

Source:https://www.hindustantimes.com/india-news/income-tax-department-detects-unaccounted-transactions-worth-over-rs-500-crore-at-ahmedabad-real-estate-firm-101633158481708.html

Download our App to get knowledge updates: https://play.google.com/store/apps/details?id=com.app.gstmitra

Join Our Telegram Channel for more updates:https://t.me/praveengst






Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud...
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the ...
Read more

Income Tax Dept detects ₹350 cr unaccounted cash receipts after raid in Rajkot

Image
  The Income Tax Department carried out a search and seizure operation on a real estate group based in Gujarat's Rajkot and found unaccounted cash receipts in various projects of approximately ₹350 crore, the Finance Ministry said on Friday. The group is among Gujarat’s prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the search operation. During the course of operation, many incriminating documents and digital evidences were seized indicating involvement of the group in unaccounted transactions. The IT sleuths found substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately ₹350 crore...
Read more