The Income Tax division has detected alleged black earnings of over Rs 300 crore after it raided a number of premises of a outstanding actual property participant based mostly in Gujarat’s Rajkot, the CBDT mentioned on Friday.
The raids had been performed on Tuesday and “unaccounted” Rs 6.40 crore money and jewellery price Rs 1.70 crore had been seized from the about 40 premises searched.
Twenty-five lockers discovered throughout the searches have been put underneath restraint, it mentioned.
“Overall, the search and seizure operation resulted in the detection of concealed income over Rs 300 crore spread over various assessment years, which is likely to go up,” the Central Board of Direct Taxes (CBDT) mentioned in a press release. The CBDT frames coverage for the Income Tax division.
“Many incriminating paperwork, unfastened sheets, digital proof, amongst others, had been seized indicating an involvement of the group in unaccounted transactions.
“Substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash, have also been found,” the CBDT claimed.
It added that proof of on-money funds in actual property projects–flats, outlets, and land offers have additionally been discovered.
“Total unaccounted cash receipts in various projects of approximately Rs 350 crore have been unearthed along with corroborative evidence. Evidence related to the land purchase of approximately Rs 154 crore has also been found, out of which Rs 144 crore was purportedly paid in cash,” the CBDT alleged.
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