Mumbai: The Income Tax (I-T) department found unaccounted cash of Rs 13.93 crore and a total unaccounted income of Rs 163 crore during searches in the cases of a leading builder and entry operators, the agency stated on Tuesday.
The search and survey actions were carried out at 29 locations in Panvel and Vashi on December 10. The name of the group has not been disclosed by the department.
Evidences related to out-of-books transactions by taking on-money on the sale of flats and land have been seized. “The search action on the group resulted in unearthing of incriminating data pertaining to routing of unaccounted income earned by way of on-money from flat and land sale from real estate projects of the group, in the form of accommodation entries of non-genuine unsecured loans through certain shell companies. Such accommodation entry of unsecured loans including interest paid of Rs 58 crore in the books of accounts of the group was detected during the course of search and survey action. Details of non-genuine subcontract expenses of Rs 10 crore were also detected along with unaccounted expenses of Rs 5 crore in purchase of land,” the department said in a statement.
The I-T department stated that from the group covered under survey, incriminating evidence of Rs 59 crore of undisclosed interest income earned against the loan amount paid by the group disguised as advances against land was found and impounded.
From the action on entry operators, evidence related to cash investment of Rs 5 crore in the purchase of land as well as accommodation entry of about Rs 11 crore provided to various beneficiaries has been unearthed.
“The data pertaining to entry operators is still being analysed. Moreover, unexplained/unaccounted cash of approximately Rs 13.93 crore has also been found and seized during the search action by the department. Hence, total unaccounted income of the group, detected, so far, is Rs 163 crore, including the cash seized during the search and survey action,” it stated.