I-T Dept detects Rs 160 cr black income after raids on Maharashtra builder, others

The search and survey action was conducted on December 10 at 29 locations in Panvel (Raigad district) and neighbouring Vashi.

Published: 15th December 2020 06:18 PM  |   Last Updated: 15th December 2020 06:18 PM   |  A+A-

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NEW DELHI: The Income Tax Department has detected over Rs 160 crore unaccounted income after it raided the premises of a builder group and some linked persons in Panvel city of Maharashtra, the CBDT said on Tuesday.

The search and survey action was conducted on December 10 at 29 locations in Panvel (Raigad district) and neighbouring Vashi.

"The search action on the leading builders group and entry operators resulted in unearthing of incriminating data pertaining to routing of unaccounted income earned by way of on-money from flat and land sale from real estate projects of the group, in the form of accommodation (dubious) entries of non-genuine unsecured loans through certain shell (dummy) companies," the CBDT said.

Unaccounted income of the group, detected so far, is about Rs 163 crore, including Rs 13.

93 crore cash seized during the raids, it said.

"Evidences related to out-of-books transactions by taking on-money on the sale of flats and land have been seized," the Central Board of Direct Taxes said.

It added that the "accommodation entry of unsecured loans, including interest paid of Rs 58 crore in the books of accounts of the group, was detected during the course of search and survey action".

Details of non-genuine sub-contract expenses of Rs 10 crore were also detected along with unaccounted expenses of Rs 5 crore in the purchase of land, the statement said.

The CBDT, the administrative body for the tax department, added that "incriminating evidence of Rs 59 crore of undisclosed interest income earned against the loan amount paid by the group disguised as advances against land was found and impounded".

Evidences related to cash investment of Rs 5 crore in the purchase of land as well as accommodation entry of about Rs 11 crore provided to various beneficiaries has been unearthed after raids on entry operators, it said.

The data pertaining to entry operators is still being analysed, the statement added.



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