The Income Tax Department mentioned on Monday it carried out search and seizure operations on “two leading real estate groups of Bengaluru and Hyderabad”, engaged within the enterprise of development, sale and leasing of business/residential house, and academic and hospitality companies.
The search motion lined greater than 40 premises positioned in Bengaluru, Hyderabad and Chennai, the division mentioned in an announcement, with out naming the companies.
During tthe search operations, a number of incriminating paperwork and digital evidences have been seized. The preliminary evaluation of seized evidences has revealed that the land house owners had entered into Joint Development Agreement (JDA) with a Bengaluru-based developer.
However, the land house owners did not declare the capital beneficial properties accruing from the transaction, although completion certificates for the initiatives have been obtained. The quantity of such undisclosed capital beneficial properties is estimated at greater than Rs 400 crore, it mentioned.
The preliminary evaluation of the seized paperwork has additionally revealed that these teams have suppressed earnings to the tune of Rs 90 crore in respect of the income recognizable from the sale of items in actual property. Further, each the teams have indulged in tax-evasion by inflation of bills within the development and improvement enterprise to the tune of `28 crore, having claimed bogus purchases and resorted to over-invoicing of the development supplies.
So far, the search motion has led to the seizure of undisclosed money of Rs 3.50 crore and gold, silver, jewelry price Rs 18.50 crore. the tax division mentioned.
Source: www.financialexpress.com”