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TMI BlogIncome Tax Department conducts searches in a prominent Real Estate Group of North IndiaX X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Department conducts searches in a prominent Real Estate Group of North India - News and Press Release Dated:- 22-3-2022 - News - The Income Tax Department carried out search seizure operations on 14.03.2022 in the case of a leading Real Estate Group active in Northern India. The search action covered more than 45 premises in Delhi NCR, Chandigarh, Ludhiana, Lucknow and Indore. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A large number of incriminating evidences including hard copy documents and digital data have been found seized during the search. The seized evidences contain unaccounted on-money cash receipt data of the group from various customers for more than 10 years. The key employees/business heads of various projects have stated the modus operandi of the group and have admitted that the group has gen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erated unaccounted income by accepting on-money unaccounted cash from its customers which have not been recorded in the regular books of account. Evidence of receipt of such on-money exceeding ₹ 3,000 crore has been gathered so far. The perusal of evidences further reveals that they contain particulars of investors from whom, the group has received cash loans amounting to ₹ 450 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crore. The search action has led to the seizure of unaccounted cash of more than ₹ 25 crore and jewellery worth ₹ 5 crore. Moreover, 11 lockers have been placed under restraint, and are yet to be operated. Further investigations are in progress. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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