I-T raid: ₹350 crore black money found

I-T raid: ₹350 crore black money found

TIMES NEWS NETWORK

Rajkot:28.08.2021

The investigation wing of the Income Tax department unearthed an unaccounted cash receipt of Rs 350 crore during its ongoing search operations at a Rajkot-based builder group’s premises. The operation had started on August 24 and is still continuing. According to a press statement issued by the department, I-T officials found many incriminating documents, loose sheets, and digital evidence indicating the 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, has been found. Evidence of on-money payments in real estate projects including flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately Rs 350 crore have been unearthed, along with corroborative evidence. Further, evidence related to land purchase of approximately Rs 154 crore has also been found, of which Rs 144 crore was purportedly paid in cash,” an official said.

This group is among Gujarat’s prominent real estate builders and developers and is engaged in construction and land trading business in and around Rajkot. The I-T sleuths had covered more than 40 premises during the search operation including the group’s partners, contractors, key employees and some of its customers. According to officials, the search and seizure operation has resulted in detection of concealment of income in excess of Rs 300 crore spread over various assessment years and this figure is likely to go up. The officials seized unaccounted cash of Rs 6.4 crore and jewellery valued Rs 1.7 crore during1 search operation from various premises.