I-T raid on Ludhiana-based real estate firms, Rs 2 crore cash seized
New Delhi, Nov 27 :Conducting search operations on two major real estate developers of Ludhiana, the Income Tax (I-T) department has seized unaccounted cash of about Rs 2 crore besides foreign exchange, and unexplained jewellery of about Rs 2.30 crore.
The search action carried out on November 16 covered as many 40 premises in Ludhiana.”The major finding emanating from these search and seizure operations of both the groups is about the receipt of unaccounted cash by these groups by way of on-money on property transactions,” said I-T department in a statement.
As per the statement, investigations have revealed that unaccounted cash expenditure has been incurred on construction of residential house of one of the key persons. In one of the groups, defaults on compliances for the provisions of tax deduction at source have been detected with regard to payments made to the sellers of the land, etc.
During the course of search proceedings documentary evidences in the nature of ‘agreement to sale’ for certain properties have been found and seized.
“These documents indicate that the ‘agreement to sale’ for plots has been executed at much higher amount/rate as compared to the consideration disclosed in registered sale deed of the plot,” the I-T department said.
Further, incriminating documents such as loose sheets, excel sheets showing calculation of receipt of on-money of certain property transactions, soft data, chats from mobile phones of the persons concerned, etc. have also been recovered.
“A preliminary analysis of these evidences clearly indicates the receipt of unaccounted cash by way of on-money on property transactions. Besides, certain other corroborative evidences supporting the receipt of on-money have also been gathered,” it said.