Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Latest Cases

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 
News
Home News News and Press Release Month 8 2019 2019 (8) This
← Previous Next →
 

Search on a prominent Real Estate Group in Mumbai

August 2, 2019
  • Contents

The Income Tax Department conducted Search and Seizure operation on 29.07.2019 on a prominent group involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune.  During the course of search operations, the Department unearthed evidences related to receipt of ‘On Money’ on sale of commercial and residential blocks, bogus unsecured loans taken, bogus Long Term Capital Gains and various other sham transactions to evade income aggregating to about ₹ 700 crore.

The search action has unravelled peculiar transactions wherein by way of accounting jugglery, income on transactions worth about ₹ 525 crore has been evaded.  ‘On Money’ receipt on sale of Residential / Commercial Blocks amounting to ₹ 100 crore has been corroborated during the search. During the search, incriminating evidence was unearthed pertaining to modus operandi establishing the introduction of accommodation loans by the group, which have been found to be bogus.  Moreover, use of entry providers / hawala operators for entries of Long Term Capital Gains by the promoters of this real estate group have been affirmed during the search action.  The action has also resulted into detection of jewellery worth approximately ₹ 14 crore, which is under verification.

The investigation and search action is still in progress.

← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Blog || Site Map - Recent || Site Map || ||