IT raids on two realty firms
Four days after Income Tax officials raided two groups of real estate developers and mall owners, the investigation wing of the department said that they have unearthed undisclosed assets to the tune of `169 crore. The raids were conducted from December 23 to 26.
In a statement to the media, the Income Tax department stated that during the first raid they found that a real estate group had undisclosed property worth `143 crore and the second raid found another realty firm to have undisclosed income of `26 crore.
IT department officials refused to divulge the names of the firms.
The release stated: “In the first case where `143 crore worth of assets were seized, we found that the group has indulged in providing and receiving accommodation entries to reduce the taxable income. Their names were also found to be mentioned in receipts of many property transactions.”
In the case of the second group, the assesses are found to have undisclosed income to the extent of `26 crore. It was found that the assesses had not accounted for the cash received after sales and they had also disguised personal expenses as business expenses. It was also found that they had made unaccounted investments in gold and other precious jewellery, the IT officials added.