New Delhi, Nov 27, : , The Income Tax Department conducted search and seizure operations against two major Ludhiana real estate developers in Punjab. Accordingly, searches were conducted at 40 locations in Ludhiana on November 16.
The Ministry of Finance stated that the main finding from the search and seizure operations of the two groups was about the receipt of unaccounted money by these groups through on-money on property transactions.
“During the course search proceedings, documentary evidences in nature of ‘agreement for sale’ (popularly known locally as ‘Biyana’ in local parlance), were found and seized for certain properties.
These documents, according to the ministry, indicate that the ‘agreement for sale’ of plots was executed at a higher amount or rate than the consideration disclosed in the registered sale deed.
The ministry also pointed out that incriminating documents, such as “loose sheets, Excel sheets” showing calculation of receipts of on-money for certain property transactions, soft information, and chats from mobile phones, were also recovered.were also recovered.
“A preliminary analysis shows that these evidence clearly indicate the receipt of unaccounted money by way of on-money for property transactions.” Other corroborative evidences supporting receipt of on-money were also gathered.”
Investigations also revealed that an unaccounted cash expense was incurred for the construction of a residential house by one of the key individuals.
“In one group, defaults in compliance with the provisions of tax deductions at source were detected with respect to payments made to sellers of land, etc.”
“The search action resulted in the seizure unaccounted cash amounting to Rs 2 crore, as well as foreign exchange and unexplained jewellery worth about Rs 2.30 crore.”
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