Speed Post News Network
New Delhi : The Income -Tax (I-T) Department on December 10, 2020, carried out search and survey action in the cases of leading builders and entry operators in the Panvel region of Pune in Maharashtra. The search and survey actions were carried out at 29 locations in Panvel and Vashi.
The search action on the group resulted in unearthing of incriminating data pertaining to routing of unaccounted income earned by way of on-money from flat and land sale from real estate projects of the group, in the form of accommodation entries of non-genuine unsecured loans through certain shell companies. Such accommodation entry of unsecured loans including interest paid of Rs. 58 crore in the books of accounts of the group was detected during the course of search and survey action. Details of non-genuine subcontract expenses of Rs 10 crore were also detected along with unaccounted expenses of Rs. 5 crore in purchase of land.
Further, from the group covered under survey, incriminating evidence of Rs 59 crore of undisclosed interest income earned against the loan amount paid by the group disguised as advances against land was found and impounded, according to a PIB release.
From the action on entry operators, evidences related to cash investment of Rs 5 crore in the purchase of land as well as accommodation entry of about Rs. 11 crore provided to various beneficiaries has been unearthed. The data pertaining to entry operators is still being analysed.
Moreover, unexplained/unaccounted cash of approximately Rs 13.93 crore were found and seized during the search action by the I-T Department. Hence, total unaccounted income of the group detected so far is Rs. 163 crore including the cash seized during the search and survey action. Further, more evidences related to out-of-books transactions by taking on-money on the sale of flats and land have been seized. Further investigations are in progress.