Income Tax Department conducts search, seizure operation in Ahmedabad
Ahmedabad: The Income Tax Department has carried out a search & seizure motion based mostly on credible intelligence at Ahmedabad within the case of a bunch engaged within the companies of actual property, development and land buying and selling. The search was carried out at 27 premises, which included workplaces and residences of some associates additionally.
During the search, unexplained money of round Rs 69 lakh and jewelry of round Rs 82 lakh have been seized until now.
Besides, 18 financial institution lockers have been discovered and positioned beneath restraint.
Numerous incriminating paperwork and digital knowledge in cell phones, pen-drives and computer systems have additionally been discovered and seized.
The group had round 96 firms at a number of frequent addresses, which have been getting used for routing cash and for landholding. Most of the businesses are discovered to don’t have any actual enterprise and only a few returns of revenue have been filed. Many haven’t filed returns with ROC. Some administrators of those issues, apart from major relations, have accepted to be dummy administrators with mere signing roles.
Innovative strategies of tax evasion by rising the price of properties by way of intra-group transactions, on which tax is just not paid, have been seen. Substantial proof of transactions outdoors the common books of accounts, unaccounted money bills, and money advances acquired and curiosity paid in money have been discovered. Evidence of on-money transactions and corresponding unaccounted investments of about Rs 100 crore in actual property projects-flats, retailers and land offers have been discovered.
Numerous paperwork referring to properties, held within the names of a number of cooperative societies, have been discovered from a secret location. The actual homeowners of those land holdings are being investigated and applicability of the Prohibition of Benami Property Transactions Act, 1988 can also be being examined. Registered and notarized sale-purchase agreements of agricultural lands with substantial money element have additionally been discovered. At one of many premises, proof pertaining to unaccounted property transactions as much as Rs 150 crores have been discovered.
Further investigations are in progress.
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