The Income Tax department has, on Friday detected alleged black money of over Rs 300 crore after conducting raids at multiple premises of a notable real estate player based in Rajkot, Gujarat, said CBDT on Friday.
Cash worth Rs 6.40 crore cash and jewelry worth Rs 1.70 crore that was 'unaccounted' for were seized from the premises during the raids conducted on Tuesday.
The Income Tax department has, on Friday detected alleged black money of over Rs 300 crore after conducting raids at multiple premises. 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.
(With inputs from PTI)
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