I-T raids disclose hidden income worth 18 cr
Three realtors of Surat have been caught with Rs 18.50 crore as undisclosed income to the income tax (I-T) department on Thursday.
I-T officials had conducted a search and survey operation under the Income Tax Act, 1961 on few realtors in Varachha and Mota Varachha areas in Surat on Tuesday.
About 45 places in the city were searched that led to the seizure of several incriminating documents pertaining to suppression of undisclosed income and investment in assets by the tax payers.
Jayenti Babaria, Lavji Dalia and one more builder have together declared Rs 18.50 crore of black money. The search and seizure operation is still going on at four premises.
Meanwhile, the department has recovered cash and jewellery worth Rs 2.21 crore and Rs 45 lakh respectively during the search operation on the houses and offices of the developers. At least eight bank lockers have been seized.
An I-T officer said that seized documents are being scrutinized and a final disclosure will be made in a day or two.
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Source: The Times of India
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