Income tax office, Government agency

The Income Tax Department carried out a search and seizure operation at the premises of a leading media house in Ahmedabad on Wednesday.The group is among one of the prominent business houses of Gujarat engaged primarily in the media and real estate sectors. The media arm of the group comprises electronics, digital as well as print media while the real estate arm comprises of affordable housing projects and urban civic infrastructure. More than 20 premises were covered in the operation, said the Central Board of Direct Taxes (CBDT) statement.During the search operation, a large number of incriminating documents, loose sheets, digital evidence etc. have been seized, containing detailed records of the group's unaccounted transactions, spread across multiple financial years."The majority of these evidences indicate huge unaccounted cash receipts in excess of Rs 500 crore on the sale of Transferable Development Right (TDR) certificates. Evidence of on-money transactions in real estate projects and land deals, in excess of Rs 350 crore have also been found along with corroborative documents. Incriminating evidences of unaccounted cash-based loan and interest payments/repayments worth more than Rs 150 crore have also been found," reads the CBDT statement.It added that substantial incriminating evidences of unaccounted cash expenses, cash advances received and interest paid in cash has also been unearthed. So far, cash of more than Rs 1 crore and jewellery amounting to Rs 2.70 crore have also been seized from different premises.A large number of original documents of properties of the group acquired over the years and held in the names of several dummy individuals and cooperative housing societies have also been found, CBDT said.According to CBDT, the search operation has resulted in the detection of unaccounted transactions in excess of Rs 1000 crore spread over various assessment years so far. 14 lockers have also been found during the course of the search operation which has been put under restraint orders.The search operation is still continuing and further investigations are in progress.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Income Tax OfficeFOLLOW

Income tax office, Latest News

Mumbai, Sep 18 In a shocking revelation, the Income Tax Department has accused Bollywood actor Sonu Sood of ... ...

New Delhi, Sep 18 Centre has extended the deadline for linking Aadhaar with PAN by six more months, ... ...

Actor Sonu Sood is presently on the Income Tax radar and IT sleuths are searching over 30 premises linked to him, sources said on Friday. ...

Referring to the ongoing Income Tax raids on the residence of actor Sonu Sood, Union Minister of State for Housing and Urban Affairs Kaushal Kishore on Thursday said that the law is equal for all, adding that if the person is right then he should not ...

Mumbai, Sep 16 For the second consecutive day, the Income Tax Department continued its 'survey' operations at the ... ...

Income Tax Department conducted a survey at premises in Mumbai linked to Bollywood actor Sonu Sood, said sources on Wednesday. ...

The Income Tax Department on Wednesday conducted search operations on three prominent commission agent groups based in Punjab, covering many premises across Punjab and Haryana. ...

The Income Tax Department carried out a search and seizure operation at the premises of a leading media house in Ahmedabad on Wednesday. ...