Income tax

Income Tax Department detects Rs 1300 cr of black money after raids in Karnataka

The Income Tax (IT) department said on Thursday that it had detected unrecorded income of Rs 1,300 crore after raids in Karnataka. The department conducted search operations on October 20, 2022 and November 2 on certain individuals who had signed Joint Development Agreements (JDAs) with various property developers. The raids covered more than 50 premises spread across Bengaluru, Mumbai and Goa.

During the search operations, a large number of incriminating evidence in the form of documents and digital data was found and seized, the department said in a statement.

Tax detectives also seized evidence relating to sales agreements, development agreements and certificates of occupancy (CO). This evidence revealed that the landowners did not disclose the income they had earned from capital gains on the transfer of the land donated for development through JDA to various developers, even after issuing the SOs. authorities.

In many cases, the ministry said landowners had suppressed capital gains income for several years by artificially inflating the cost of acquisition and various other costs, and by not disclosing the full value of the land consideration. transferred.

It was also found that some landowners had not even filed their ITRs for several years, while receiving capital gains income. When confronted, the statement said, the affected assessees admitted their failings and agreed to disclose the capital gains income detected in their respective cases and pay the taxes due thereon.

“So far, the search actions have led to the detection of unrecorded revenue of over Rs. 1,300 crore. said in a statement.