Money of round Rs 69 lakh and jewelry of round Rs 82 lakh have been seized (Representational)
New Delhi:
The Revenue Tax division has seized money and jewelry value about Rs 1.5 crore after it raided an Ahmedabad-based group engaged within the enterprise of actual property, building and land buying and selling, the CBDT mentioned on Friday.
The searches have been performed on Thursday at 27 residential and enterprise premises of the group and their associates.
“Unexplained money of round Rs 69 lakh and jewelry of round Rs 82 lakh have been seized until now. Apart from, 18 financial institution lockers have been positioned underneath restraint,” the Central Board of Direct Taxes (CBDT) mentioned in a press release.
A lot of incriminating paperwork and digital knowledge in cellphones, pen drives and computer systems have additionally been seized, it mentioned.
The CBDT, the executive authority for the I-T division, didn’t establish the enterprise group.
“The group had round 96 corporations at a couple of frequent addresses, which have been getting used for routing cash and for land holding.
“Many of the corporations have been discovered to haven’t any actual enterprise and only a few returns of earnings have been filed. Many haven’t filed returns with ROC (registrar of corporations),” it mentioned.
Some administrators of those issues, apart from the principle relations, have accepted to be dummy administrators with mere signing roles, it added.
The CBDT mentioned tax sleuths have detected “modern strategies of tax evasion by rising the price of properties via intra-group transactions, on which tax shouldn’t be paid.”
“Substantial evidences of transactions outdoors the common books of accounts, unaccounted money bills, and money advances obtained and curiosity paid in money have been discovered.
“Evidences of on-money transactions and corresponding unaccounted investments of about Rs 100 crore in actual property projects-flats, outlets and land offers have additionally been discovered,” it claimed.
The assertion mentioned tax officers have seized a lot of paperwork referring to properties, held within the names of a number of cooperative societies, from a secret location.
“The actual house owners of those land holdings are being investigated and applicability of the Prohibition of Benami Property Transactions Act, 1988 can also be being examined.
“Registered and notarised sale-purchase agreements of agricultural lands with substantial money element have additionally been discovered,” it mentioned.
Evidences pertaining to unaccounted property transactions of about Rs 150 crore have been discovered at a location, the CBDT added.
(Aside from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)
Source link
