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Income Tax Surveys in full swing

Posted on 08 February 2008,    
 4020    Share  Report
Income Tax Department had recently carried out a search operation against a group of Gurgaon engaged in development of real estate and running a private airline. On the basis of evidence collected during that search, surveys were subsequently conducted by the Department at 11 different locations in Delhi, Mumbai and Gurgaon on two leading groups of builders having close business connections and transactions with the group searched earlier.

On the basis of evidence collected during these surveys, the two groups of builders admitted to unaccounted income of Rs.63 crore and Rs.31 crore, respectively.

During the course of survey at another builder’s premises huge amount of cash was found. As a result, search was also conducted at the residence of its directors and cash amounting to Rs.2 crore was seized. This builder also admitted unaccounted income of Rs.10 crore


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