IT searches premises of real estate group; unaccounted income of Rs 520 cr detected

The Income Tax (IT) recently carried out search and survey operations in the cases of leading builders located in areas such as Borivali, Mira Road and Bhayandar, the department stated on Thursday.

The searches were conducted on January 12. “The search action has resulted in seizure of unaccounted cash of Rs. 10.16 crore.

Total unaccounted income of earlier years detected during the search operation is Rs. 520.56 crore including the cash seized,” a statement issued by the IT read.

“The unaccounted income includes on-money on sale of land and flats; accommodation entries of non-genuine unsecured loans routed through certain shell/paper companies; unaccounted cash receipts in the nature of capital introduction/cash loan; unaccounted cash expenses etc,” it added.

Further, the unrecognized sales revenue of Rs. 514.84 crore for financial year 2019-20 has been accepted by the group during the search action.

Accordingly, the group has agreed to pay Self-Assessment Tax on the same, the department stated. “Lockers found during the course of the search operation are yet to be operated. Further investigations are in progress,” it stated.