Rs 85 crore tax evasion by Delhi real estate agent
A real estate brokerage firm in the national capital has admitted to evading Rs 85 crore in taxes, official sources said.delhi Updated: Jun 23, 2009 17:17 IST
A real estate brokerage firm in the national capital has admitted to evading Rs 85 crore in taxes, official sources said.
The Income Tax Department has been carrying out searches at the premises of the firm since Sunday. The firm owned by two brothers has been in the business of real estate and infrastructure for the last four years.
Sources in the I-T department said that operations are still on at four premises of the firm and they have also seized Rs 53 lakh cash from these locations.
"The firm has admitted Rs 85 crore (tax evasion) to the department and further probe is on in the case," a source said.
The firm dealt with major players in the real estate business in Delhi and were allegedly evading taxes by under-reporting the profits earned by them on the account books, they said.
Documents related to land dealings and computer hardware have also been seized by the department.
Officials of the firm refused to comment on the issue.
Search and seizure operations by the revenue authorities in the national capital have earlier forced tax evaders to cave in and admit that they owe the government more than Rs 860 crore during the last fiscal.