Quick Summary
The Income Tax Department carried out a search and seizure operation on 08.09.2021 on a group based in Ahmedabad. The group is among one of the prominent business houses of Gujarat engaged primarily in the media and real estate sectors. The media arm of the group comprises of electronics, digital as well as print media while the real estate arm comprises of affordable housing projects and urban civic infrastructure. More than 20 premises were covered in the operation. During the course of the
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN - Rs.1999
1799
(Excl. of GST ₹323)
2 Years PLAN - Rs.3499
3149
(Excl. of GST ₹566)
BEST VALUE
3 Years PLAN - Rs.4999
4499
(Excl. of GST ₹809)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The Income Tax Department carried out the search and seizure operation on 8 September 2021.
The operation targeted a prominent business group primarily engaged in the media (electronics, digital, and print) and real estate (affordable housing and urban civic infrastructure) sectors.
More than 20 premises were covered in the operation.
The search and seizure operation resulted in the detection of unaccounted transactions in excess of £1000 crore.
Over £1 crore in cash and jewellery amounting to £2.70 crore were seized. Additionally, 14 lockers were found and placed under restraint orders.
Incriminating evidence pointed to significant unaccounted cash receipts from the sale of Transferable Development Rights (£500 crore+), on-money transactions in real estate projects and land deals (£350 crore+), and cash-based loan and interest payments/repayments (£150 crore+).
CAclubindia
