Income Tax Department conducts searches on business group in Goa

The Income Tax Department carried out search operation on 10th October 2019 covering six premises of two groups involved in the sale-purchase of hotel resort at Goa.

One of the groups covered currently owns a large property at Goa on which a 5 star resort project is being built. The group is engaged primarily in hotels & hospitality, real estate and construction. The buyer, a Delhi Based group of companies is into catering, restaurant and hotel business.

Search operations have been concluded. The search resulted in  seizure of undisclosed  assets of ₹ 4.39 crore comprising undisclosed cash of ₹ 2.55 crore and jewellery/valuables worth ₹ 1.84 crore.The group made a disclosure of a total amount of ₹ 124.41 crore representing undisclosed income and also committed to pay taxes immediately.