IT Dept Seizes Rs 1.5 Crore Worth Cash, Jewellery After Raids on Ahmedabad Business Group

The CBDT said tax sleuths have detected “innovative methods of tax evasion by increasing the cost of properties through intra-group transactions, on which tax is not paid.” “Substantial evidences of transactions outside the regular books of accounts, unaccounted cash expenses, and cash advances received and interest paid in cash have been found. Evidences of on-money transactions and corresponding unaccounted investments of about Rs 100 crore in real estate projects-flats, shops and land deals have also been found,” it claimed.

The statement said tax officials have seized a large number of documents relating to properties, held in the names of several cooperative societies, from a secret location. “The real owners of these land holdings are being investigated and applicability of the Prohibition of Benami Property Transactions Act, 1988 is also being examined.

“Registered and notarised sale-purchase agreements of agricultural lands with substantial cash component have also been found,” it said. Evidences pertaining to unaccounted property transactions of about Rs 150 crore have been found at a location, the CBDT added.