Income Tax Department Conducts Search Operation on Prominent Real Estate Group

Income Tax Department Conducts Search Operation on Prominent Real Estate Group On March 14, 2022, the Income Tax Department conducted search and seizure operations in the matter of a renowned Real Estate Group functioning in Northern India. The search spanned over 45 locations in Delhi & NCR, Chandigarh, Ludhiana, Lucknow, and Indore. During the search, a substantial amount of incriminating evidences, including hard copy papers and digital data, were discovered and seized. The recovered evidences include the group's unaccounted 'on-money' cash receipt records from numerous customers dating back more than ten years. The key employees/business leaders of various projects have indicated the organization's operating procedures and confirmed that the group earned unexplained income by taking 'on-money' unaccounted cash from its clients that was not recorded in the regular books of account. So far, evidence of such 'on-money' receipts totaling more than Rs. 3,000 crore has been acquired. The examination of the evidences discloses that they contain information about investors from whom the group has received financial loans totaling Rs.450 crore. The search resulted in the seizure of more than Rs.25 crore in undeclared cash and Rs. 5 crore in jewellery. Furthermore, 11 lockers have been placed under restraint and have yet to be used. More research is being conducted.