IT dept conducts searches in Karnataka; unearths ₹1,300 cr in black money | Mint – Mint

So far, the search actions have led to detection of unaccounted income of more than 1,300 crore. Further, undisclosed assets in the nature of cash and gold jewellery worth more than 24 crore have also been seized
New Delhi: Income Tax Department initiated search and seizure operations during 20 October to 2 November on some people who had executed Joint Development Agreements (JDAs) with various real-estate developers, the Ministry of Finance said in a statement.
The search action covered more than 50 premises spread across Bengaluru, Mumbai and Goa.
“So far, the search actions have led to detection of unaccounted income of more than 1,300 crore. Further, undisclosed assets in the nature of cash and gold jewellery worth more than 24 crore have also been seized,” the ministry said.
During the course of the search operations, a large number of incriminating evidences, in the form of documents and digital data were found and seized.
The tax department also seized evidence related to sale agreements, development agreements, and occupancy certificates.
“This evidence shows that the landowners had not disclosed income accrued to them from capital gains on transfer of the land given for development through JDAs (joint development agreements) to various developers, even after issuing of the OCs from the authorities,“ the statement from the department said.
“It was also unearthed that in many instances, the landowners suppressed income from capital gains for various years by artificially inflating the cost of acquisition and various other costs, and by not disclosing the full value of consideration on transfer land,” it said.
It was also found that some of the land owners didn’t even file their ITRs for various years, where capital gains income had accrued to them. When confronted , the assessees concerned admitted their lapses and agreed to disclose income from capital gains detected in their respective cases, and pay due taxes thereon, it added.
Investigation is in progress.
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp

source

Leave a Comment