LUDHIANA : The Income Tax Service raided forty premises of two real estate developers in Ludhiana on November 16, 2021. They seized jewelry and cash values ??4 crores.
The Central Commission of Direct Taxes (CBDT) said in a statement: âThe main conclusion emerging from these search and seizure operations of the two groups concerns the receipt of unrecorded cash by these groups through real estate transactions in cash. . “
âDocumentary evidence of the nature of a ‘bill of sale’ (known as ‘biyana’ in local parlance) for some properties has been seized.
“These documents indicate that the ‘contract of sale’ for the plots was performed at a much higher amount or rate than the consideration disclosed in the registered deed of sale for the plot,” said the governing body of the plot. tax department.
Investigations also revealed that unrecorded cash expenses were incurred for the construction of the dwelling house for one of the key people.
The statement claimed that “incriminating” documents in the form of loose sheets, Excel sheets showing the calculation of the receipt of funds for certain real estate transactions, software data, discussions from the cellphones of the persons concerned, etc. had been recovered.
“In one of the groups, breaches of compliance with withholding tax provisions were detected with regard to payments made to sellers of the land, etc.,” the statement said.
The searches resulted in the seizure of unrecorded cash of approximately ??2 crore in addition to foreign currency and unexplained jewelry of about ??2.30 crore, the statement said.
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