The Finance Ministry said on Friday that the Income Tax Department (IT) conducted a search and seizure operation at the offices of a real estate group located in Rajkot, Gujarat and found such cash receipts in several projects worth about Rs 350 crore. (Cash Receipts), which had no information or accounts. The group is one of the leading real estate builders and developers in Gujarat and is actively engaged in real estate, construction and land business in and around Rajkot.
According to online media reports, the search operation was carried out at more than 40 locations. During the operation, several incriminating documents and digital evidence were confiscated, which points to the group’s involvement in unaccounted transactions.
IT officials found sufficient evidence of transactions outside the regular account books, unaccounted cash expenditure, advance cash and interest paid in cash. Apart from this, evidence of on-money payments has also been found in real estate projects – flats, shops and land deals.
The statement said, “Cash receipts have been traced without any accounts in many projects worth about Rs 350 crore, as well as evidence of this. Evidence related to land purchase of about Rs 154 crore has also been found, Of which Rs 144 crore was allegedly paid in cash.”
The search operation also revealed concealment of income of more than Rs 300 crore spread over several assessment years, which is likely to increase. “Unaccounted cash worth over Rs 6.40 crore and jewelery worth Rs 1.70 crore have been seized from various premises.”
Apart from this, promissory notes worth Rs 4 crore have also been recovered and confiscated. The ministry said that during the search operation, 25 lockers were found, which were kept hidden.
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