The Income Tax Department said it recognized unaccounted exchanges worth Rs 500 crore in strikes on properties of Ahmedabad-based realty bunch. The I-T office said it did a look and seizure procedure on September 28 on a land engineer bunch and the representatives associated with this gathering.
As many as 22 residential and business premises were covered in the operation. A large number of incriminating documents, loose papers, and digital evidence were uncovered and seized.
This evidence contains detailed records of the group’s unaccounted transactions spread across multiple financial years. Documents showing unaccounted investment in land of more than Rs 200 crore and unaccounted cash receipts from the sale of land amounting to more than Rs 100 crore have been found and seized so far.
The I-T department found a large number of original documents of properties purchased over the years which were apparently held in the name of benami individuals have also been found.
In the case of the broker, documents showing details of payments in cash and in cheques relating to transactions of purchase and sale of land carried out through the broker have been found. Documents showing cash transactions of more than Rs. 230 crore in these land deals have been found and seized so far, the department said.
The documents found reveal unaccounted income of more than Rs 200 crore in the hands of the real estate group and also unaccounted income of more than Rs. 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers.
IT Dept assaults properties of Gujarat land firm; uncover unaccounted exchanges worth Rs 500 crore
