Ahmedabad (Gujarat) [India], Oct 2 (ANI): The Income Tax Service of Ahmedabad in Gujarat carried out a search and seizure of the premises of a group of real estate developers and brokers linked to the group.
According to the official spokesperson for the Central Commission for Direct Taxes (CBDT), a total of 22 residential and business premises were covered by the operation carried out on September 28, 2021.
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During the search operation of the group of real estate developers, a large number of incriminated documents, loose papers, digital evidence etc. were found and seized.
IT said that evidence contains detailed records of the group’s unaccounted for transactions spanning multiple years.
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“Documents showing unrecorded investments in land over Rs 200 crore and unrecorded cash receipts from the sale of land in excess of Rs 100 crore have been found and 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 in a statement.
She added that during the search of the broker, documents indicating the details of payments in cash and checks relating to the transactions of purchase and sale of land carried out through the broker were found.
“Documents showing cash transactions of over Rs 230 crore in these land deals have been found and seized so far,” he said.
According to CBDT, the documents found reveal unrecognized income of over Rs 200 crore in the hands of the real estate group and also unrecorded income of over Rs 200 crore in the hands of the parties recorded in the documents found in the possession of the brokers. .
“Overall, the search and seizure operation detected unaccounted for transactions over Rs 500 crore,” he added.
The search operation detected unaccounted for transactions of more than Rs 500 crore. 24 lockers were also found during the search operation which were placed in receivership. Cash of around Rs 1 crore and jewelry worth Rs 98 lakh have been seized so far.
The search and seizure operation is continuing and additional investigations are underway. (ANI)
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