Tax evasion of Rs 137 crore by real estate company detected
Oct 26, 2013
Source : The Times of India


AHMEDABAD: In one of the biggest tax evasion cases in recent times, Income Tax department on Friday detected evasion of Rs 137 crore by a city-based real-estate company, Venus Infrastructure and Developers Pvt Ltd. In surveys at the firm's offices and construction sites, tax sleuths found that the owners, Rajesh Vaswani and Deepak Vaswani, hadn't paid advance taxes in two years.

The maximum evasion of Rs 25 crore was detected in payments for their Venus Parkland project in Jivraj Park. Venus Group had got tax exemption of five years for this project under Section ATIB (10) of Income Tax Act. The project had got permission for the low-cost housing scheme on March 30, 2007 and its exemption ended on March 31, 2012.

The company evaded tax to the tune of Rs 90 crore in 2011-12 and 2012-13 and Rs 6 crore was due earlier. During the survey, builders admitted to evasion of Rs 15.90 crore and were yet to pay Rs 25 crore from payments received from selling flats in Venus Parkland.

According to sources, the two builders used to evade tax by buying co-operative societies at a lower rate and sell them at higher rates without paying the applicable tax. The builders only paid self-assessment tax but never advance tax.

Duty collection falls by Rs 158 crore

Central excise commissioner (II) on Friday revealed that the department made Rs 331 crore in total duty collections in April-Sept 2013 in the Sanand-Sarkhej-Changodar region - Rs 158 crore less than the amount collected (Rs 489 crore) in the same period last year. According to the commissioner, the shortfall was due to the ban on gutkha as many units in Changodar stopped producing gutkha and were making only pan masala. Last year, central excise department collected Rs 250 crore from gutkha and pan masala manufacturing units which fell to Rs 100 crore this year.


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