I-T unearths Rs 16-crore undisclosed income of Rajkot-based group

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(Last Updated On: January 6, 2016)

Income Tax officials have unearthed undisclosed income of Rs 16.19 crore from a Rajkot-based group engaged in real estate business during a search and seizure operation, top officials said on Thursday.

“The search operation has resulted in the seizure of unaccounted assets to the tune of Rs 2.56 crore, including cash of Rs 1.89 crore,” a senior I-T official said.

He added,“The group admitted to undisclosed income of Rs 16.19 crore during the searches.”

“A large volume of incriminating documents indicating ‘on-money’ (premium on land deals) payments and receipts have also been found and seized,” he added.

During the search and seizure operation on September 15,41 establishments belonging to the real estate group were covered, including 38 premises in Gujarat and three in Mumbai,the official said.

I-T officials searched four premises belonging to the group in Ahmedabad,seven in Surat and 17 in Rajkot,he said,adding that investigations are still underway.

Read full article: Indian Express

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