Indore: The Income Tax department has slapped a demand notice of Rs 160 crore to a major real estate group here. The department had raided the group last year.
Informing about the search and inquiry procedure by the department, Department Commissioner ( circle- 1) BP Jain said that department officials had given 300 questions to the group people, so that they could clear their stand about their income and expenditure etc. The department had also issued 100 notices as part of investigation in the case. Besides, the department had issued 50 summons to the bank officials, Patwaris, tehsildar, registrar ( stamps) etc. Even inquiry officers personally met the people, who have not received summons in time to extract information.
Jain said that it was found in the inquiry that the group had evaded tax in land purchase and sale deals. They used to pay some of the land price in alt145 white moneyalt39and other chunk of the price was paid in alt145 black moneyalt39and unrecorded money. They do the same practice in selling their buildings and structures, thus evading tax in lakhs of rupees. Besides, the group had also business connections in a foreign country.
The group had done hefty money transactions through their banks. They used to deposit big amounts in bank in one transaction at one time and also withdraw hefty amount in single transaction. Jain said that all this irregularities surfaced in December end. And after completing the inquiry and search, the department has slapped a demand notice of Rs 160 crore to the group for evading income tax, he added.