Month: August 2021
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The Income Tax Department carried out a search and seizure operation on August 24 at the properties of a prominent real estate group based in Rajkot, Gujarat. More than 40 premises of the group were covered in the operation. The firm is engaged in real estate, construction and land trading businesses in and around Rajkot.
During the course of the search and seizure operation, many incriminating documents, loose sheets, digital evidence etc were seized indicating involvement of the group in unaccounted transactions. Substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash, has been found.
Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately Rs 350 crore have been unearthed, along with corroborative evidence.
Further, evidence related to land purchase of approximately
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