IT department uncovers multi-million dollar tax evasion after Mumbai real estate raids

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After a recent raid on a real estate company involved in the development of slum redevelopment projects in Mumbai and the Navi Mumbai region, the income tax department uncovered tax evasion accused of rupee crores.

The CBDT said in a statement Thursday that research on the group, which builds both residential and commercial projects, began on November 25 and covered around 30 locations. “Various methods of tax evasion used by the group were discovered, and several documentary and digital evidence were seized demonstrating the receipt of cash up to Rs 100 crore as part of the consideration for the sale of apartments, which is not recorded in the ordinary books of account, ”the statement said.

“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,” says the press release.

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