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IT department detects Rs 300 crore black money after raids on Rajkot-based realty group

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Image Source : PTI/FILE

IT dept detects Rs 300 crore black money after raids on Rajkot-based realty group

The Income Tax department has detected alleged black income of over Rs 300 crore after it raided multiple premises of a prominent real estate player based in Gujarat’s Rajkot, the CBDT said on Friday.

The raids were conducted on Tuesday and “unaccounted” Rs 6.40 crore cash and jewelry worth Rs 1.70 crore were seized from the about 40 premises searched.

Twenty-five lockers found during the searches have been put under restraint, it said.

“Overall, the search and seizure operation resulted in the detection of concealed income over Rs 300 crore spread over various assessment years, which is likely to go up,” the Central Board of Direct Taxes (CBDT) said in a statement. The CBDT frames policy for the Income Tax department.

“Many incriminating documents, loose sheets, digital evidence, among others, were seized indicating an involvement of the group in unaccounted transactions.

“Substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash, have also been found,” the CBDT claimed.

It added that evidence of on-money payments in real estate projects–flats, shops, and land deals have also been found. 

“Total unaccounted cash receipts in various projects of approximately Rs 350 crore have been unearthed along with corroborative evidence. Evidence related to the land purchase of approximately Rs 154 crore has also been found, out of which Rs 144 crore was purportedly paid in cash,” the CBDT alleged.

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