The Income Tax Department carried out a a search and seizure operation on Tuesday at around 40 premises. The investigation centered around a Rajkot-based group that is one of Gujarat’s most prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses.
According to a PIB release from the Ministry of Finance, officials seized many incriminating documents, loose sheets, digital evidence and more. They also found evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash.
Overall, the search and seizure operation has resulted in detection of concealment of income in excess of Rs. 300 crore spread over various assessment years, which is likely to go up. Unaccounted cash of more than Rs. 6.40 crore and jewellery amounting to Rs. 1.70 crore has been seized from different premises.
Furthermore, promissory notes to the tune of Rs. 4 crore have also been found and seized. 25 lockers have been found during the course of the search operation which have been put under prohibitory orders.
Evidence of on-money payments in real estate projectsflats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately Rs. 350 crore have been unearthed alongwith corroborative evidences. Further, evidence related to land purchase of approximately Rs. 154 crore has also been found, out of which, Rs. 144 crore was purportedly paid in cash.
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