Income Tax Department conducts search operation in civil Construction and Land Development Business

Income Tax Department conducts search operation in civil Construction and Land Development Business On December 22, 2021, the Income Tax Department conducted search and seizure operations on two company groupings in Maharashtra's Nandurbar and Dhule districts. These companies are in the civil construction and land development business. The search operation spanned over 25 locations in Nanndurbar, Dhule, and Nashik. Many damning documents, loose papers, and digital evidences were discovered and seized during the search and seizure operation. The confiscated records plainly show that organizations in the first group have engaged in large-scale reduction of taxable income by inflating their expenses, especially through the claim of non-genuine sub-contract charges and unverifiable old miscellaneous creditors. These subcontracts have been awarded to family members and their employees who have not provided any services in this regard, according to the search team. Evidence has also been acquired regarding undocumented financial expenses. According to early findings, this gang has dodged income to the tune of Rs. 150 crore as a result of the aforementioned misdeeds. It was discovered that a significant portion of land transactions were conducted in cash and were not accounted for in the standard books of account in the case of land developers. In addition, incriminating documentation proving the receipt of 'on-money' on land deals and cash loans totaling Rs. 52 crore were discovered and seized. So far, the search operation has resulted in the seizure of undeclared cash totaling more than Rs. 5 crore, as well as jewellery worth Rs. 5 crore. More research is being carried out.