New Delhi: Income Tax Department (I-T) on Wednesday invaded two Real Estate groups based in Delhi and the National Capital Region.
According to the Central Tax Council (CBDT), the I-T department detected estimated income which was not disclosed by Rs 400 Crore after the attack.
Unknown groups involved in the construction of commercial and housing projects dipped on November 17.
CBDT said in a statement that the preliminary analysis of data seized found that the group received a part of the sale consideration in cash on the sale of flats and the suitcase of cash was not recorded in account books.
It is claimed, there is a ‘big tax embezzlement’ and tax on this income has not been offered.
“The evidence gathered so far, Prima Facie, indicated that unexpected revenues could reach around Rs 400 Crore,” said the statement, adding RS 10 Crore Cash was confiscated during the raid.
CBDT said evidence collected during actions indicated that income that was not achieved obtained was directed into the business through a non-descriptive and non-functional shell entity carried out by a professional entry provider or employees / colleagues who worked as director.
“One group has also been found using a network of charitable organizations involved in educational activities, it is said to be the purpose of tax evasion and finance its real estate business,” he said.
“Evidence has also been found indicating that account books are maintained and produced before the tax authority is doctured by ‘debt reversal’, ‘investment decline’ and ‘bad debt’,” he said.
Some examples of non-original expenditure claims by means of fake purchases by connecting parties from non-existent suppliers also come to pay attention, the statement said.
It is said that the “proof” of certain cash payments carried out for various parties towards securing land offers and other contracts and making various costs not achieved in real estate activities has also been excavated.
(With input from PTI)