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The Income Tax Department has conducted Search and Seizure operations on a prominent Mumbai based realtor, covering more than 40 premises across Mumbai and Pune and discovered tax evasion to the tune of over Rs 700 crore.

The raids, which took place on July 29, were part of a search-and-seizure operation on the group. The IT dept did not disclose the name of the developer.  According to a press release from the Press Information Bureau (PIB), the IT dept “unearthed evidences related to the receipt of ‘on money’ on sale of commercial and residential blocks, bogus unsecured loans taken, bogus long-term capital gains and various other sham transactions to evade income aggregating to about Rs 700 crore.”

The search unravelled peculiar transactions wherein, by way of accounting jugglery, income on transactions worth about Rs 525 crore had been evaded, it added.

‘On money’ receipt on the sale of residential/commercial blocks amounting to Rs 100 crore was corroborated during the search.

Incriminating evidence was also unearthed pertaining to modus operandi establishing the introduction of accommodation loans by the group, which were found to be bogus.

Moreover, the use of entry providers/hawala operators for entries of long-term capital gains by the promoters of the real estate group was affirmed during the search.

Jewellery worth approximately Rs 14 crore was also detected, which is under verification. The investigation and search are continuing.

—India Legal Bureau

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