IT detects unrecorded income of Rs 184 cr after raid on real estate agents

The Income Tax Department has detected unrecorded income of around Rs 184 crore after it recently raided two groups of real estate companies in Mumbai and some family members of Maharashtra’s chief deputy minister Ajit Pawar, sources said on Friday.

The searches were launched on October 7 at 70 premises in Mumbai, Pune, Baramati, Goa and Jaipur, the Central Board of Direct Taxes (CBDT), the governing body of the tax department, said in a statement.

“The evidence gathered during the search revealed several transactions that were unrecorded at first glance and benami,” he said.

“The incriminated documents, proving unrecognized income of approximately Rs 184 crore of the two groups were found,” the statement said without naming the entities involved.

Pawar had told media on the day of the searches that the tax searches were also carried out at the premises of his three sisters, one living in Kolhapur district and two in Pune district in Maharashtra.

The CBDT said unrecorded cash of Rs 2.13 crore and jewelry of Rs 4.32 crore were seized during the operation.

“The research action has led to the identification of transactions by these groups of companies with a network of companies which at first glance appear suspicious,” he said.

The CBDT claimed that a “preliminary analysis of fund flows indicates that there has been an introduction of unrecorded funds into the group by various dubious methods such as the introduction of bogus share premiums, suspicious loans not guaranteed, receipt of unjustified advances for certain services, collusive arbitration on non-existent disputes, etc.

The statement said the department “observed that such a suspicious flow of funds took place with the involvement of an influential Maharashtra family.”

“The funds, thus dubiously introduced, were used for the acquisition of various assets such as an office building in a prime location in Mumbai, an apartment in an upscale location in Delhi, a complex in Goa, farmland in Maharashtra and investments in sugar factories, “It said.

“The book value of these assets is approximately Rs. 170 crore,” he said.

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