New Delhi, 24 November
The CBDT on Wednesday said that the Income Tax Department has detected undisclosed income estimated at Rs 400 crore after raiding two real estate clusters located in Delhi and the National Capital Region.
Unidentified groups engaged in the construction of commercial and residential projects were searched on November 17.
In a statement, the Central Board of Direct Taxes (CBDT) said a preliminary analysis of the seized data found that the groups were receiving part of the sale consideration in cash against the sale of flats and such cash is not recorded in the books of accounts. . ,
It claimed there was “large-scale tax evasion” and offered no tax payable on such income.
“The evidence gathered so far, prima facie, indicates that the undisclosed income may be around Rs 400 crore,” the statement said, adding that Rs 10 crore in cash was seized during the raid.
The CBDT said that the evidence collected during the course of action indicated that the unaccounted income earned was channeled into the business through non-descriptive and non-functional shell entities acting as professional admission providers or directors. were run by the employees/colleagues of the group.
“One of the groups has also been found to be using a network of charitable organizations engaged in educational activities, allegedly for the purpose of tax evasion and financing their real estate business,” it said. PTI