New Delhi, Dec 10 (FN Agency) The Income Tax (I-T) department has conducted search and seizure operations on a Surat-based realtor and claimed undisclosed receipts and suspicious nature of entries worth more than Rs 650 crore. The operation carried out on December 3 covered more than 40 premises spread over Surat and Mumbai. The I-T department in an official statement said that search action has led to the seizure of unexplained cash of Rs four crore and jewellery valued at Rs three crore, while more than a dozen bank lockers have been placed under restraint. “The search action has led to the detection of estimated undisclosed receipts and suspicious nature of entries aggregating to more than Rs 650 crore,” it said.
During the search, various incriminating documentary and digital evidences have been seized, including a parallel set of books of account in the case of group entities. Further, the transactions of certain group entities have been found to be maintained in a highly coded manner, but were successfully decoded by the search team. A preliminary analysis of these evidences indicated unaccounted cash receipt of on-money of more than Rs 300 crore on sale of flats/land, which was not found recorded in the regular books of account. Evidences of unaccounted cash infusion by partners, bogus accommodation entry loans by payment of cash and unexplained cash expenses have also been noticed. “Further, deeper examination of physical books of account and incriminating evidences seized during the search action showed unexplained investments of more than Rs 200 crore in real estate and more than Rs 100 crore by way of loan financing,” the I-T department added.