Other States

I-T Department conducts searches on two Ludhiana-based real estate developers

The searches have resulted in seizure of unaccounted cash of about ₹2 crore besides foreign exchange and unexplained jewellery of about ₹2.30 crore, the statement said.  

The Income-Tax Department has conducted searches on two major Ludhiana-based real estate developers that allegedly received unaccounted cash pertaining to property transactions. The searches were carried out on about 40 premises linked to the two groups. The agency claims to have seized documentary evidence in the nature of sale deed for certain properties. The search is said to have led to the seizure of ₹2 crore in cash, foreign exchange and jewellery worth ₹2.30 crore.

“These documents indicate that the ‘agreement to sale’ for plots has been executed at a much higher amount/rate as compared to the consideration disclosed in the registered sale deed of the plot,” it said.

“Further, incriminating documents such as loose sheets, Excel sheets showing calculation of receipt of on-money of certain property transactions, soft data, chats from mobile phones of the persons concerned, etc. have also been recovered.

“A preliminary analysis of the evidence clearly indicates the receipt of unaccounted cash...besides, certain other corroborative evidence supporting the receipt of on-money has also been gathered,” said the I-T Department.

Unaccounted cash expenditure was also incurred on the construction of a residential house of one of the key persons, said the agency. In the case of one group, defaults on compliances for the provisions of tax deduction at source were detected with regard to payments made to the sellers of the land.

The search is said to have led to the seizure of ₹2 crore in cash, foreign exchange and jewellery worth ₹2.30 crore.


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Printable version | Jan 18, 2022 4:16:21 PM | https://www.thehindu.com/news/national/other-states/i-t-dept-seizes-cash-jewellery-after-raids-on-2-ludhiana-real-estate-developers/article37716302.ece

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