MUMBAI: The Income Tax Department on Friday conducted a search and seizure operation across 40 locations in Mumbai and Pune belonging to a prominent real estate firm in a connection with a case of tax evasion to the tune of Rs 700 crore.
During the course of search operations, the Income Tax Department unearthed incriminating evidence related to unaccounted transactions aggregating about Rs.700 crore.
The raids, which started five days ago, are still continuing. The identity of the real estate group has not been revealed
According to reports, the I-T sleuths unearthed evidence related to receipt of ‘on money’ on sale of commercial and residential blocks, bogus unsecured loans taken, bogus Long Term Capital Gains and various other sham transactions to evade income aggregating to about Rs.700 crore.
The search and seizure operation also unravelled peculiar transactions wherein by way of accounting jugglery, income on transactions worth about Rs 525 crore was evaded.
‘On Money’ receipt on sale of residential/commercial blocks amounting to Rs100 crore was corroborated during the search.
During the operation, incriminating evidence was unearthed pertaining to modus operandi establishing the introduction of accommodation loans by the group, which have been found to be bogus.
Moreover, the use of entry providers/hawala operators for entries of Long Term Capital Gains by the promoters of this real estate group has been affirmed during the search action.
The action has also resulted in the detection of jewellery worth approximately Rs.14 crore, which is under verification.
Earlier on July 23, the Income Tax Department conducted searches in a group covering 13 premises across three states (Delhi, Haryana & Himachal Pradesh).
Evidence gathered during the operation revealed undisclosed cash dealings of huge amounts in immovable property transactions, construction etc.