New Delhi, Oct 2 (UNI) The Income Tax Department carried out search and seizure operations on a real estate developer group and the brokers connected with it in Ahmedabad on September 28, 2021, officials said on Saturday.
A total of 22 residential and business premises were covered in the operation, an official statement said here on Saturday. In the case of the real estate developer group, a large number of incriminating documents, loose papers, and digital evidence were found and seized.
‘The evidences contain 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 sale of land amounting to more than Rs 100 crore have been found and seized so far. A large number of original documents of properties purchased over the years which are apparently held in the name of benami individuals have also been found,’ the statement said.
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 were found . ‘Documents showing cash transactions of more than Rs 230 crore in these land deals were found and seized so far.
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. Over all, the search and seizure operation has resulted in the detection of unaccounted transactions of more than Rs 500 crore,’ it said.
Twenty four lockers were found during the course of the search and seizure operation which had been put under restraint. ‘Cash worth approximately Rs one crore and jewellery worth Rs 98 lakh have been seized so far. The search and seizure operation is still continuing and further investigations are in progress,’ the statement added.
