I-T dept says detected Rs 1,300 cr black income after raids on realty sector in Goa, Bengaluru and Mumbai

Digital Goa, Nov 18 – In a search action covering more than 50 premises spread across Goa, Bengaluru, and Mumbai, the Income Tax Department has uneathered unaccounted income of more than Rs. 1,300 crore. Undisclosed assets in the nature of cash and gold jewellery worth more than Rs. 24 crore have also been seized. IT Dept initiated the search and seizure actions on Oct 20 and Nov 2,2022 on certain individuals who had executed Joint Development Agreements (JDAs) with various real-estate developers. During the course of the search operations, a large number of incriminating evidences, in the form of documents and digital data regarding the sale agreements, development agreements and occupancy certificates (OCs) have also been seized. When confronted , the assessees concerned admitted their lapses and agreed to disclose income from capital gains detected in their respective cases, and pay due taxes thereon. So far, the search actions have led to detection of unaccounted income of more than Rs. 1300 crore. Further, undisclosed assets in the nature of cash and gold jewellery worth more than Rs. 24 crore have also been seized.

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