BackI-T dept raids two Ludhiana real estate developers, seizes jewellery and cash
Central Board of Direct Taxes also found receipt of unaccounted cash by these groups by way of on-money on property transactionsFurther investigations are under progress
PremiumLUDHIANA : The Income Tax department had raided forty premises of two Ludhiana real estate developers on 16 November, 2021. They seized jewellery and cash worth ₹4 crore.
The Central Board of Direct Taxes (CBDT) said in a statement," the major finding emanating from these search and seizure operations of both the groups is about the receipt of unaccounted cash by these groups by way of on-money on property transactions."
"Documentary evidences in the nature of 'agreement to sale' (known as 'biyana' in local parlance) for certain properties have been seized.
"These documents indicate that the 'agreement to sale' for plots has been executed at much higher amount or rate as compared to the consideration disclosed in registered sale deed of the plot," the policy-making body for the tax department said.
Investigations have also revealed that unaccounted cash expenditure has been incurred on construction of residential house of one of the key persons.
The statement claimed "incriminating" documents in the form of loose sheets, excel sheets showing calculation of receipt of funds for certain property transactions, soft data, chats from mobile phones of the persons concerned, etc. was recovered.
"In one of the groups, defaults on compliances for the provisions of tax deduction at source have been detected with regard to payments made to the sellers of the land, etc.," the statement read.
The searches have resulted in seizure of unaccounted cash of about ₹2 crore besides foreign exchange and unexplained jewellery of about ₹2.30 crore, the statement said.
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