SURAT, DEC 10
The Income Tax Department has detected suspicious transactions of more than Rs 650 crore following recent raids on a Surat-based group engaged in real estate construction and financing, the CBDT said on Friday.
The searches were conducted on December 3 and about 40 premises of the unidentified group in Surat and Mumbai were covered.
The Central Board of Direct Taxes (CBDT), which frames policy for the tax department, said “parallel sets of books of account” were recovered during the operation.
The transactions of certain group entities have been found to be maintained in a highly coded manner, it said.
“A preliminary analysis of these evidences indicates unaccounted cash receipt of on- money (cash) of more than Rs 300 crore on sale of flats/land which is not found recorded in the regular books of account,” the statement claimed.
The CBDT said documents related to “unaccounted cash infusion by partners, bogus accommodation entry loans by payment of cash and unexplained cash expenses etc.,” were also found.
It also claimed to have found “unexplained investments of more than Rs 200 crore in real estate and more than Rs 100 crore by way of loan financing”.
The CBDT said Rs 4 crore cash and jewellery worth Rs 3 crore were seized during the raids.
“The search action has led to the detection of estimated undisclosed receipts and suspicious nature of entries aggregating to more than Rs 650 crore,” the statement said.
