Income Tax department detects ‘unaccounted transactions’ worth over ₹500 crore at Ahmedabad real estate firm

The Income Tax department raided an Ahmedabad-based real estate developer, resulting in the detection of unaccounted transactions worth more than ₹500 crore, the Central Board of Direct Taxes (CBDT) claimed on Saturday, adding that the operation, which was a part of a tax evasion probe, was also conducted on brokers linked to the developer.

“Documents have revealed unaccounted income of more than ₹200 crore each in the hands of the real estate group, as well as parties recorded on documents recovered from the brokers. Overall, the exercise led to the detection of unaccounted transactions of more than ₹500 crore,” the CBDT, which frames policy for the IT department, said in a statement, according to news agency PTI.

“Several documents related to the purchase of properties over the years, which are apparently held in the name of benami individuals, were also found,” the statement further stated.

The recoveries made during the raid include ₹1 crore cash and jewellery worth ₹98 lakh, the statement noted on the September 28 operation, which, the department said, is still underway. “Incriminating documents, loose papers, digital evidence have been seized from the premises of the real estate developer. These evidences contained detailed record of the group’s unaccounted transactions which took place across several years,” the CBDT further said.

Total twenty-four lockers have been put under restraint, the board added.

Nearly two dozen premises of the real estate developer were subjected to the raid, according to CBDT.