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Earnings Tax Raid On 2 Delhi Actual Property Teams, Rs 10 Crore Money Seized

The search operations have been performed on November 17.

New Delhi:

The Earnings Tax Division performed searches on two actual property teams primarily based in Delhi-NCR in reference to alleged massive scale tax evasion and seized unaccounted money of Rs 10 crore, knowledgeable the Central Board of Direct Taxes (CBDT) on Wednesday.

The search operations have been performed on November 17.

The proof gathered to this point signifies that undisclosed earnings may very well be to the tune of about Rs 400 crore.

In accordance with the CBDT, these teams are engaged within the building of business and residential tasks.

The IT division additionally seized varied incriminating evidences within the type of digital and bodily knowledge.

“On preliminary analysis of such data, it has been found that these groups are receiving part of the sale consideration in cash against the sale of flats and such cash is not recorded in the books of accounts. Thus, there is a large scale tax evasion, and due tax on such income has not been offered,” it mentioned.

The search workforce has gathered proof indicating that unaccounted earnings so earned is routed into the enterprise by way of non-descript and non-functional shell entities run by skilled entry suppliers or staff/associates of the group working as administrators.

“One of the groups has also been found to be using a network of charitable organizations engaged in educational activities, purportedly for the purpose of tax evasion and financing its real estate business,” it added.

The proof has additionally been discovered displaying that the books of accounts maintained and produced earlier than tax authorities are doctored by ‘reversal of payables’, ‘diminution of funding’ and ‘dangerous money owed written- off’.

“Instances of the non-genuine claim of expenses by way of bogus purchases by connected parties from non-existent suppliers have also come to notice. Evidences of cash payments made to various parties towards securing land deals and other contracts, and making various unaccounted expenses in real estate activities have been unearthed,” it added.

Additional investigations in these circumstances are in progress.

(Apart from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)

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