KOCHI: Income Tax investigators have raided real estate businessmen in Palakkad and Kannur and unearthed tax evasion running into crores of rupees.
Documents seized from two land developers in Palakkad showed unaccounted advances of Rs.3.2 crores made for purchase of land during the past three years. They had purchased nine acres of land, for Rs.4.72 crores, for being developed into house plots. They had declared only ten per cent of the sale price of the plots thus evading millions of rupees in tax. In Kannur, a real estate dealer was found to have purchased a plot for Rs.88 lakhs but had undervalued the property by getting it registered for Rs.18 lakhs.