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| LampeIndia: Income Tax Department conducts searches in Pune Region. |
NEW DELHI (Lampe):- The Income Tax Department carried out a search and survey action on 10.12.2020 in the cases of leading builders and entry operators in the Panvel region of Pune. The search and survey actions were carried out at 29 locations in Panvel and Vashi.
The search action on the group resulted in the unearthing incriminating data pertaining to routing of unaccounted income earned by way of on-money from flat and land sale from real estate projects of the group, in the form of accommodation entries of non-genuine unsecured loans through certain shell companies. Such accommodation the entry of unsecured loans including interest paid of Rs. 58 crores in the books of accounts of the group was detected during the course of search and survey action. Details of non-genuine subcontract expenses of Rs. 10 crores were also detected along with unaccounted expenses of Rs. 5 crores in the purchase of land.
Further, from the group covered under the survey, incriminating evidence of Rs. 59 crore of undisclosed interest income earned against the loan amount paid by the group disguised as advances against land was found and impounded.
From the action on entry operators, evidence related to cash investment of Rs. 5 crores in the purchase of land as well as accommodation entry of about Rs. 11 crores provided to various beneficiaries has been unearthed. The data pertaining to entry operators are still being analyzed.
Moreover, unexplained/unaccounted cash of approximately Rs. 13.93 crore has also been found and seized during the search action by the IT Department. Hence, a total unaccounted income of the group, detected, so far, is Rs. 163 crores, including the cash seized during the search and survey action. Further, more evidence related to out-of-book transactions by taking on-money on the sale of flats and land has been seized.
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