IT Department conducts searches at 29 premises located in Mumbai



Quick Summary
The Income Tax Department has conducted searches across 29 premises in Mumbai, targeting a prominent real estate developer and traders dealing in mobile accessories. The operation uncovered significant undeclared income, including substantial 'on-money' receipts from property sales by the developer and evidence of out-of-books sales and under-invoiced imports by mobile accessory traders. Unaccounted cash and stock were also seized, with investigations ongoing.

The Income Tax Department carried out searches on 17.03.2021 in the case of a prominent builder and developer group based in Mumbai. Searches were also conducted in the case of dealers engaged in the business of trading of mobiles accessories. In all, 29 premises located in Mumbai were covered under
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 Broadcasts
  • Daily E-Newsletter
  • Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

FAQ :

The searches focused on a prominent builder and developer group and dealers engaged in the business of mobile accessories trading.

A total of 29 premises in Mumbai were covered under search operations, and 14 premises were covered under survey action.

Evidence revealed the builder group received approximately Rs. 150 crore in 'on-money' receipts for a commercial mall and Rs. 70 crore for a residential-cum-commercial project, which were not accounted for. Cash totalling Rs. 5.50 crore was also seized.

Incriminating evidence of out-of-books sales, under-invoiced imports from China, and payments made through hawala channels were found. Unaccounted stock in 13 secret godowns and unaccounted investments in properties worth Rs. 40.5 crore were also detected.

The searches have resulted in the detection of undisclosed income amounting to around Rs. 270 crore.

Transactions with Chinese counterparts took place through the We-Chat app, and the Department has recovered We-chat messages using forensics.




News posted by

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Click here to Login and post comments    OR



More »


Popular News





CCI Pro