Realty players pay up over Rs 160 cr in tax dues
A builder, requesting anonymity, said that the sector is also feeling the heat of the market meltdown.business Updated: Dec 18, 2008 15:01 IST
A builder, requesting anonymity, said that the sector is also feeling the heat of the market meltdown.
A number of tax evaders are now surrendering the money as soon as search or survey operations are initiated against them.
The economic slowdown has taken a toll on the bottom-line of business firms and hence they readily agree to deposit the money in advance to avoid further investigations, they added.
Two small time real estate builders had in September deposited Rs 19 and Rs 14 crore, respectively, after survey proceedings were initiated against them.
"The modus operandi of these companies is to under-value their sales or simply do not register them," sources said.
According to sources in the Income Tax department, the companies allegedly show investments in other companies, which were later found to be of the same group.
The department while undertaking these operations had seized mounds of documents, incriminating hard drives, laptops and other computer peripherals.
The department has also seized cash worth crores and jewellery amounting to more than Rs 15 crores, sources said.