Quick Summary
The Income Tax Department carried out search and surveyactionon 10.12.2020 in the cases of leading builders and entry operators in the Panvel region of Pune. The search and survey actions were carried out at 29 locations in Panvel and Vashi. The search action on the group resulted in unearthing of incriminating data pertaining to routing of unaccounted income earned by way of on-money from flat and land sale from real estate projects of the group, in the form of accommodation entries of non-g
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
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The Income Tax Department conducted search and survey actions on 10th December 2020, in the Panvel region of Pune, covering 29 locations in Panvel and Vashi.
The searches targeted leading builders and entry operators involved in real estate projects in the Panvel region.
The total unaccounted income detected so far amounts to £163 million, including cash seized during the search and survey actions.
Irregularities included the routing of unaccounted income from flat and land sales through shell companies as fake unsecured loans, non-genuine subcontract expenses, unaccounted expenses in land purchases, and undisclosed interest income.
Yes, unexplained/unaccounted cash of approximately £13.93 million was found and seized during the search action.
CAclubindia
