[ecis2016.org] Intensifying its drive against black money post demonetisation, the income tax department has conducted raids on two groups of real estate developers and mall owners in Bengaluru, unearthing undisclosed income amounting to Rs 169 crores
The Income Tax department, on December 26, 2016, said that it has detected undisclosed income amounting to Rs 169 crores, after it conducted searches on two groups of realty developers and mall owners in Bengaluru. Officials said that the raids on the two groups began on December 23 and ended on December 26.
You are reading: Raids on mall owners, realty players in Bengaluru unearths Rs 169 crores black income
Read also : Builders association seeks GST exemption for government projects
“In the first case, it was found that the group has indulged in providing and receiving accommodation entries, to reduce the taxable income. They were also found to be in receipt of money in respect of the property transactions. The disclosure in this cases stands at Rs 143 crores,” a senior official said.
[ecis2016.org] Benami Transactions Bill: Will it reduce black money transactions in real estate?
In the second case, the official added that “The assessees were found to have not disclosed income to the extent of Rs 26 crores. It was detected during searches that the assessees had not accounted for the sales component received in cash and had disguised the personal expenses as business expenses, among others. It was also found that they had made unaccounted investments in gold and jewellery.”
Read also : Delhi Budget: Government allocates Rs 3,106 crores for housing, urban development
The total disclosures in the two cases stand at Rs 169 crores, the official said, adding that investigations were still on and hence, the groups could not be identified.
The department has been conducting search and survey operations to check black money generation and hoarding, post the demonetisation of high value currency notes on November 8, 2016.
Copyright belongs to: ecis2016.org