IT raid on real estate players, Rs 31L cash seized
Sep 05, 2015
Source : Toi

NAGPUR: IT search and survey operations were simultaneously carried out at the premises of few top builders and developers in city on Friday over alleged irregularities in their financial matters. The action, during which more than 31 lakhs in cash was seized, is likely to continue.

Sources in the trade said that the IT's sweeping raids on builders and developers have sent a shock wave among the other big names. Nagpur, following an expansion boom, had seen a spurt in real estate activities. The IT action is expected to put the brakes on the dubious practice of maintaining duplicate records.

IT sources said searches, under section 132 of IT Act, were conducted at the residences of four top builders in city. The survey proceedings were conducted at offices of three builders and developers at different places in the city under section 133A of IT Act. During the searches, the IT officials have also come across several bank and other financial documents and three lockers.

Apart from cash, it's learnt that substantial documents and records were also seized. A senior officials said several incriminating evidences have been found during the actions which is expected to be intensified in the coming days. Documents related to the sale and purchase of assets and properties have been seized too.

A senior official said that searches were initiated to unearth evasion of tax through unaccounted financial transactions over the years. The IT department has already come across within a day substantial amount of unaccounted financial deals being made by the builders and developers in the projects at different places.

Sources in the IT said related documents and corresponding financial transactions would be soon placed under scrutiny to understand the modus operandi followed to evade taxes.


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