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2 Builders black listed by the IT Department

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As per the sources available to www.propertykhazana.com, the two Jaipur based builders Upasana Group and Sunny Group were been raided and the Income Tax Department had finished 36 hours of searching at the residential and in the business locations of these two groups. This operation was started on Thursday morning and had an excellent outcome for the department by seizing Rs. 32.80 Crores of secret income and unaccounted cash and jewellery worth of Rs. 2.40 Crores. S M Nigam Director General of Investigation Rajasthan said that, “Searching and Seizing process is over and still the estimation of the total recuperation will go on for at least more than two months.”
DGI Nigam further added at www.propertykhazana.com that, “Many builders are involved in taking the money in cash without accounting it in the books and the builders use to take 90% of money in cash in their 1st EMI and not through cheques. During the audit both the builders were not mentioning amounts in the Cash Receipts, therefore the modus operandi of Tax avoidance by realty developers was revealed.” This operation was carried out at 5 dwellings and in 4 business locations of the builders, documents and computers was searched and was examined correctly. It was found that developers accepted unaccounted cash costs against the auction of flats. And both the groups were seized by the Income Tax Department officers for further investigation and the cash books, cheques and all related documents were also seized.
Source: NIMMA BENGALURU

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