CBDT Unearths Rs 600 Crore In Black Revenue After Raids On Two Groups Gurugram, Real Estate News, ET RealEstate
The searches were carried out on November 10 on groups, one engaged in real estate and hotels and the other a group manufacturing tools and equipment, he said in a statement.
“The research action on these groups has led to the detection of estimated unrecorded income of up to Rs 600 crore,” said the Central Commission for Direct Taxes (CBDT).
Rs 3.54 crore in cash and jewelry worth Rs 5.15 crore were seized while 18 bank records were brought under control, the tax department’s governing body said.
“Various incriminated documents and electronic data relating to unrecorded real estate investments, unrecorded sales and purchases, inventory difference, acquisition of shell companies, Benami properties and transactions, bogus unsecured loans and demand money for shares, evasion of capital gains, etc. were seized. ”
“Evidence that large sums of money were received in the form of wages and salaries by family members without any qualification or participation in the management of businesses was entered in one of the groups”, a- he asserted.
The CBDT did not identify the entities searched.