Income Tax Department raids on Bengaluru real estate firm yields crores in cash, jewellery
Bengaluru news: The real estate firms and landowners indulged in tax evasion, the union finance ministry said, adding that the latter had failed to declare capital gains of around ₹400 crore.
The Income Tax Department on Monday carried out 'search and seizure' operations on two leading real estate companies - one in Bengaluru and the other in Hyderabad. The search action covered more than 40 premises located in Bengaluru, Hyderabad and Chennai, the union finance ministry said in its statement. As of Tuesday morning, the raids recovered ₹3.50 crore in undisclosed cash and jewellery, including gold and silver, worth ₹18.50 crore.
Income Tax raids on Bengaluru, Hyderabad real estate companies (Representational) (HT Photo)
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The firms raided - they have not been identified so far - are in the business of construction / sale / leasing of commercial and residential space, and are also involved in the educational and hospitality sectors, the finance ministry said.
Apart from cash and jewellery, the raids also recovered documents and digital devices which may contain incriminating evidence, the ministry also said.
An initial analysis of materials seized revealed land owners signed a JDA, or joint development agreement with a Bengaluru-based developer. Land owners got super built-up area from the developer in lieu of land given for projects.
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