Categories: Economy

Income Tax Dept. detects Rs 500 crore in black money in raids on leading real estate group

<p>
The Income Tax Department has detected unaccounted income of over Rs 500 crore in search and seizure operations carried out on a leading real estate group in Ahmedabad and brokers connected with the company, according to an official statement released on Saturday. </p>
<p>
The raid by the Income Tax Department covered as many as 22 residential and business premises.</p>
<p>
Documents showing unaccounted investment in land of more than Rs. 200 crore and unaccounted cash receipts from sale of land amounting to more than Rs 100 crore have been found and seized so far.</p>
<p>
<strong>Also read: </strong> <a href="https://www.indianarrative.com/economy-news/income-tax-dept-unearths-rs-crore-in-black-money-in-raid-on-leading-real-estate-group-113886.html">Income Tax Dept. unearths Rs 1000 crore in black money in raid on leading real estate group</a></p>
<p>
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, the Income Tax Department said. </p>
<p>
In the case of the brokers, documents showing details of payments in cash and in cheques relating to transactions of purchase and sale of land have been found. Documents showing cash transactions of more than Rs 230 crore in these land deals have been found and seized so far.</p>
<p>
The documents found reveal unaccounted income of more than Rs. 200 crore in the hands of the real estate group and also unaccounted income of more than Rs. 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers.</p>
<p>
As many as 24 lockers have also been found during the course of the search and seizure operation which have been put under restraint. Cash of approximately Rs.1 crore and jewellery worth Rs. 98 lakh have been seized so far.</p>
<p>
The search and seizure operation is still continuing and further investigations are in progress.</p>

IN Bureau

Recent Posts

Baloch Yakjehti Committee releases documentary to honour Karima Baloch’s legacy

On the 4th death anniversary of human rights activist Karima Baloch, the Baloch Yakjehti Committee…

12 hours ago

EAM Jaishankar to visit US from December 24-29

External Affairs Minister S Jaishankar will visit the US from December 24-29 to discuss key…

13 hours ago

Balochistan: Medical students protest campus closure, security crackdown

Students at the Bolan Medical College (BMC) in Balochistan's Quetta entered the 27th day of…

13 hours ago

Climate change, health risks escalate amid surge in PoGB deforestation

The intensifying cutting of trees for firewood in Pakistan-occupied Gilgit-Baltistan (PoGB) is not only worsening…

15 hours ago

India’s retired judges, bureaucrats call for “immediate end” to attacks on minorities in open letter to Bangladesh

A group of retired judges, bureaucrats, Army officials and other civil society members have penned…

15 hours ago

Israel, Slovakia sign historic USD 582 million deal to boost Air Defense capabilities

Israel and Slovakia signed a 2 billion shekel (USD 582 million) agreement on Monday to…

15 hours ago