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The Income Tax Department initiated search and seizure operations on two major real estate developers of Ludhiana on16.11.2021. The search action covered around40 premisesin Ludhiana. The major finding emanating from these search and seizure operations of both the groups is about the receipt of unaccounted cash by these groups by way of on-money on property transactions. During the course of search proceedings documentary evidences in the nature of agreement to sale, (popularly known as B
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1999
(Excl. of GST ₹359)
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3499
(Excl. of GST ₹629)
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999
(Excl. of GST ₹179)
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FAQ :
The search and seizure operations were initiated on 16.11.2021.
Approximately 40 premises in Ludhiana were covered during the search action.
The primary finding was the receipt of unaccounted cash by the developers through 'on-money' payments on property transactions.
Unaccounted cash of about Rs. 2.00 crore, foreign exchange, and unexplained jewellery of about Rs. 2.30 crore were seized.
Yes, unaccounted cash expenditure on construction was revealed for one key person, and defaults in tax deduction at source compliances were detected in one group.
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