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TMI BlogIncome Tax Department conducts search in AhmedabadX X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Department conducts search in Ahmedabad - News and Press Release Dated:- 10-10-2020 - News - The Income Tax Department conducted a search seizure action based on credible intelligence on 08.10.2020 at Ahmedabad in the case of a group engaged in the businesses of real estate, construction and land trading. Search was conducted at 27 premises, which included offices and residences of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... some associates also. During the search unexplained cash of around ₹ 69 lakh and jewellery of around ₹ 82 lakh have been seized till now. Besides, 18 bank lockers have been found and placed under restraint. A large number of incriminating documents and digital data in mobile phones, pen-drives and computers have also been found and seized. The group had around 96 companies at a f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew common addresses, which were being used for routing money and for land holding. Most of the companies are found to have no real business and very few returns of income have been filed. Many have not filed returns with ROC. Some directors of these concerns, other than main family members, have accepted to be dummy directors with mere signing roles. Innovative methods of tax evasion by increas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the cost of properties through intra-group transactions, on which tax is not paid, have been noticed. 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 ₹ 100 crore in real estate p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rojects-flats, shops and land deals have been found. A large number of documents relating to properties, held in the names of several cooperative societies, have been found 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 notarized sale-pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chase agreements of agricultural lands with substantial cash component have also been found. At one of the premises, evidences pertaining to unaccounted property transactions upto₹ 150 crore have been found. Further investigations are in progress. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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