The Income Tax Service raided an Ahmedabad-based real estate developer, which uncovered unrecorded transactions worth more than ??500 crore, the Central Commission for Direct Taxes (CBDT) claimed on Saturday, adding that the transaction, which was part of a tax evasion investigation, was also carried out on brokers linked to the developer.
“Documents have revealed unrecorded income of more than ??200 crore each in the hands of the real estate group, as well as parts recorded on documents retrieved from brokers. Overall, the exercise made it possible to detect unrecorded transactions of more than ??500 crore, ”said the CBDT, which oversees the IT department’s policy, in a statement, according to the PTI news agency.
“Several documents related to the purchase of properties over the years, which are apparently held in the name of Benami individuals, were also found,” the statement said.
Recoveries made during the raid include ??1 crore of silver and jewelry worth ??98 lakh, the statement noted on the Sept. 28 operation, which the department said is still ongoing. “Dependent documents, loose papers, digital evidence were seized from the premises of the property developer. This evidence contained a detailed record of the group’s unrecorded transactions that took place over several years, ”added the CBDT.
A total of twenty-four lockers were put under duress, the board added.
Nearly twenty of the property developer’s premises were searched, according to CBDT.