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Income Tax Department initiated search under section 132 of the Income-tax Act, 1961 today in the case of a Gurugram based real estate Company, its promoters, directors and other group companies, covering a total of 20 premises. The said Company is in the business of government contracts specialisin
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FAQ :
The Income Tax Department conducted searches on a Gurugram-based real estate company, its promoters, directors, and other group companies.
The company is involved in government contracts, specialising in the construction of roads, highways, bridges, and runways. The group also engages in real estate development and residential complexes.
Evidence of bogus long-term capital gains of Rs 25 crore and claimed bogus expenses of Rs 100 crore to reduce taxable income were found. Cash receipts and payments for property deals and documents related to benami properties were also recovered.
During the search, Rs 1 crore in cash and foreign currency worth approximately 14,000 US dollars were seized. Additionally, 15 lockers have been placed under restraint.
No, the search is continuing and further investigations are in progress.
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