Income Tax Department conducts searches in Pune Region
New Delhi, December 15, 2020
The Income Tax Department carried out search and survey action on December 10 in the cases of leading builders and entry operators in Panvel region of Pune.
The search and survey actions were carried out at 29 locations in Panvel and Vashi, an official press release said here today.
The search action on the group resulted in the unearthing of incriminating data on the routing of unaccounted income earned by way of on-money from flat and land sale from real estate projects of the group, in the form of accommodation entries of non-genuine unsecured loans through certain shell companies.
Such accommodation entry of unsecured loans including interest paid of Rs 58 crores in the books of accounts of the group was detected during the search and survey action. Details of non-genuine subcontract expenses of Rs. 10 crores were also detected along with unaccounted expenses of Rs. 5 crores in the purchase of land.
Incriminating evidence of Rs 59 crore of undisclosed interest income earned against the loan amount paid by the group disguised as advances against land was found and impounded, the release said.
From the action on entry operators, evidence related to cash investment of Rs 5 crores in the purchase of land as well as accommodation entry of about Rs 11 crore provided to various beneficiaries has been unearthed. The data on entry operators were being analysed.
Moreover, unexplained/unaccounted cash of approximately Rs 13.93 crore was found and seized during the search action. The total unaccounted income of the group detected so far, amounts to Rs 163 crore, including the cash seized during the search and survey action. Some more evidence on out-of-books transactions by taking on-money on the sale of flats and land has been seized. Further investigations were in progress, the release added.