The Central Board of Direct Taxes (CBDT) on Saturday claimed that the Income Tax department raided an Ahmedabad-based real estate developer and linked brokers to find unaccounted transactions of over Rs 500 crores. The raids were part of a tax evasion probe.
"Documents reveal unaccounted income of more than ₹ 200 crore in the hands of the real estate group and also unaccounted income of more than ₹ 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers."
"Overall, the search & seizure operation has resulted in the detection of unaccounted transactions of more than ₹ 500 crore," CBDT said.
The board, which frames policy for the tax department, added that about Rs 1 crore cash and jewellery worth Rs 98 lakhs was retrieved in the raid across 22 premises of the group and the brokers. The raid, which started on September 28, is still underway.
Incriminating documents, loose papers, digital evidence have been seized from the premises of the real estate developer, and twenty-four lockers have been put under restraint. The 'evidence' seized hold detailed records of the group's unaccounted transactions over several financial years, CBDT said.
"Documents showing unaccounted investment in land of more than ₹ 200 crore and unaccounted cash receipts from sale of land amounting to more than ₹ 100 crore have been seized so far."
"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," it claimed.