Mumbai: The Income Tax (IT) division located unaccounted money of Rs 13.93 crore and a total unaccounted revenue of Rs 163 crore for the duration of searches in the instances of a major builder and entry operators, the agency stated on Tuesday.
The search and survey actions had been carried out at 29 areas in Panvel and Vashi on December 10. The name of the group has not been disclosed by the division.
Evidences associated to out-of-books transactions by taking on-revenue on the sale of flats and land have been seized. “The search action on the group resulted in unearthing of incriminating data pertaining to routing of unaccounted income earned by way of on-money from flat and land sale from real estate projects of the group, in the form of accommodation entries of non-genuine unsecured loans through certain shell companies. Such accommodation entry of unsecured loans including interest paid of Rs 58 crore in the books of accounts of the group was detected during the course of search and survey action. Details of non-genuine subcontract expenses of Rs 10 crore were also detected along with unaccounted expenses of Rs 5 crore in purchase of land,” the division mentioned in a statement.
The IT division stated that from the group covered beneath survey, incriminating proof of Rs 59 crore of undisclosed interest revenue earned against the loan quantity paid by the group disguised as advances against land was located and impounded.
From the action on entry operators, proof associated to money investment of Rs 5 crore in the acquire of land as effectively as accommodation entry of about Rs 11 crore offered to different beneficiaries has been unearthed.
“The data pertaining to entry operators is still being analysed. Moreover, unexplained/unaccounted cash of approximately Rs 13.93 crore has also been found and seized during the search action by the department. Hence, total unaccounted income of the group, detected, so far, is Rs 163 crore, including the cash seized during the search and survey action,” it stated.