Income tax raid on leading realty developers
Surat- The Income Tax department wing of Surat conducted a raid on six renowned real estate developers and two civil advocates in the city. The department recovered assets worth Rs 92 crore in the search.
The income tax sleuths have recovered Rs 8 lakh in cash and Rs 45 lakh worth of jewellery from bank lockers seized during the raid operation.
The operation for the raid on real estate developers had started around two weeks before, said official sources. The IT officials had spread out at 30 different points of the city including the residences and offices of the tax evaders located at Pal, City Light, Adajan Patia, Ghod Dod Road, Varachha and Vesu.
The investigation wing seized 19 bank lockers of the six Surat real estate developers. Rs 1.5 crore in cash was found and Rs 1.30 crore in cash was seized.
The officials are estimating that if all the 19 bank lockers that are seized are assessed then the unaccounted income would cross a 100 crore.
This is the third biggest operation of 2012 by the IT department. Earlier it had raided real estate developers firms and a logistic firm in Surat and had recovered Rs 127 crore and Rs 111 crore respectively.
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income tax department, IT department, IT officials, Surat, surat real estate, Surat real estate developers, tax evaders, unaccounted income
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