IT department detects multi-million dollar tax evasion after raids on Mumbai real estate group

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The Income Tax Department has detected an alleged tax evasion worth millions of rupees after it recently raided a real estate group engaged in the development of slum rehabilitation projects in Mumbai and the Navi Mumbai region .

The CBDT said in a statement on Thursday that research into the group, which undertakes construction of residential and commercial projects, was launched on November 25 and around 30 premises have been covered.

More than Rs 6 crore in cash was also seized, he said.

“Various methods of tax evasion adopted by the group have been brought to light and several documentary and digital evidence have been seized demonstrating the receipt of cash up to Rs 100 crore, as part of the consideration on the sale of apartments , which is not recorded in the regular books, ”the statement said.

“The fact of receiving money (cash) on such transactions is also corroborated in the statements recorded during the searches,” the statement said.

The statement said the unidentified group issued “promissory notes equivalent to the cash component (in cash) to customers and these promissory notes are destroyed after the apartment has been checked in.”

“Incriminating evidence of unrecorded cash payments made not only to the original tenants of the slums for moving out of the housing, but also to others for facilitating vacations from properties by slum dwellers has been seized,” he said. he declared.

Evidence suggesting irregularities and violations of slum rehabilitation authority (SRA) guidelines has also been detected, the Central Commission on Direct Taxes (CBDT) said.

Preliminary analysis of the evidence revealed that the group acquired a controlling stake in a company by paying in cash, he said.

“Failures to comply with withholding tax provisions were also noted. The group of taxable persons did not withhold withholding tax on certain payments claimed by it which total more than 300 crore rupees. “, did he declare.


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