I-T unearths ₹520 crore unaccounted income from builder in Mumbai

The Pune unit of income tax department on Thursday carried out the searches at the premises of a leading builder at Borivli and Mira-Bhayander areas, resulting in the seizure of ₹10

The Pune unit of income tax department on Thursday carried out the searches at the premises of a leading builder at Borivli and Mira-Bhayander areas, resulting in the seizure of ₹10.16 crore unaccounted cash. “Total unaccounted income of ₹520.56 crore for earlier years has been detected, during the search,” states an I-T department statement.

The unrecognised sales revenue of ₹514.84 crore for the fiscal year 2019-20 has been accepted by the group during the search. (Getty Images/iStockphoto)

The unaccounted income, according to the statement, includes money on the sale of land and flats, accommodation entries of non-genuine unsecured loans routed through certain shell companies, unaccounted cash receipts in the nature of capital introduction or cash loan, unaccounted cash expenses etc.

The unrecognised sales revenue of ₹514.84 crore for the fiscal year 2019-20 has been accepted by the group during the search. Accordingly, the group has agreed to pay Self Assessment Tax on the same, I-T officials stated.