Nation Current Affairs 27 Dec 2016 IT detects Rs 169 cr ...

IT detects Rs 169 crore black income after raids on mall in Bengaluru

PTI
Published Dec 27, 2016, 10:48 am IST
Updated Dec 27, 2016, 10:49 am IST
IT has been conducting search and survey operations to check black money generation and hoarding post the currency scarp.
Currency seized during raids (Photo: PTI)
 Currency seized during raids (Photo: PTI)

Bengaluru: The Income Tax department on Monday said it has detected un-disclosed income amounting to Rs 169 crore after it conducted searches on two groups of realty developers and mall owners here.

Officials said the raids on the two groups, that began on December 23, ended today.

 

"In the first case, it was found that the group has indulged in providing and receiving accommodation entries to reduce the taxable income. They were also found to be in receipt of money in respect of the property transactions. The disclosure in this cases stands at Rs 143 crore," a senior official said.

In the second group, the official added, "The assesses were found to have not disclosed income to the extent of Rs 26 crore.”

"It was detected during searches that the assessees had not accounted for the sales component received in cash and had disguised the personal expenses as business expenses among others. It was also found that they had made unaccounted investments in gold and jewellery," the official said.

 

The total disclosures in the two cases stand at Rs 169 crore, the official said adding investigations are still on and hence the groups could not be identified.

The department has been conducting search and survey operations to check black money generation and hoarding post the currency scarp on November 8.

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Location: India, Karnataka, Bengaluru




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