Quick Summary
The Income Tax Department carried out search and survey operations on 12.01.2021 in the cases of leading builders located in Borivali-Mira Road-Bhayander Area of Thane. The search action has resulted in seizure of unaccounted cash of Rs.10.16 crore. Total unaccounted income of earlier years detec
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FAQ :
The Income Tax Department carried out search and survey operations on 12.01.2021.
The searches were conducted on leading builders in the Borivali-Mira Road-Bhayander Area of Thane.
Unaccounted cash of £10.16 crore was seized during the search operations.
The total unaccounted income detected from earlier years is £520.56 crore, including the cash seized.
The undeclared income includes on-money from land and flat sales, accommodation entries via shell companies, capital introduction/cash loans, and unaccounted cash expenses.
Yes, the group has accepted £514.84 crore in unrecognized sales revenue for FY 2019-20 and agreed to pay Self Assessment Tax on it.
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