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HomeNewsReal EstateI-T search on builders uncovers unaccounted transactions worth Rs 150 crore

I-T search on builders uncovers unaccounted transactions worth Rs 150 crore

The state income tax (I-T) department carried out an extensive search on 30-odd premises of builders and their related firms before Diwali. Sources said that unaccounted transactions of about Rs 150 crore were unearthed by the I-T sleuths so far.

Valuation of the gold and silver ornaments seized is yet to be done as bank lockers are also to be opened, said sources.

“It is believed that the firms under search made bogus entries to evade tax and took large amounts in cash for property transactions. As several of the evasions were related to GST, the DGGI has been intimated of the details for an independent probe in the case,” said sources.The search was conducted in Vadodara, Surat, and Ahmedabad, and some of the transactions were found to be barter of property, added sources. In all, over Rs 3 crore cash was found along with cash ledgers with details of financial transactions.

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