I-T Department detects unaccounted transactions of over ₹500 crore by real estate group in Gujarat

Operation carried out on 22 residential and business premises

The Income-Tax Department’s searches on a real estate developer group and its brokers in Ahmedabad have led to the detection of unaccounted transactions of over ₹500 crore.

The operation was carried out on 22 residential and business premises.

In the case of the real estate developer group, the agency has gathered evidence containing detailed records of unaccounted transactions spread across multiple financial years.

Documents showing unaccounted investment of more than ₹200 crore in land and unaccounted cash receipts from sale of land amounting to over ₹100 crore have been found and seized so far, according to the agency.

“A large number of original documents of properties purchased over the years, which are apparently held in the name of ‘benami’ individuals, have also been found,” said the Department.

The agency also seized documents showing details of payments in cash and cheques relating to the transactions of purchase and sale of land carried out through the brokers.

“Documents showing cash transactions of more than ₹230 crore in these land deals have been found and seized so far,” it said.

This apart, the agency has seized ₹1 crore in cash and jewellery worth ₹98 lakh during the searches. It has also identified 24 lockers, which have been put under restraint.

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