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Real estate group in Rs 110.70-cr tax evasion
July, 15th 2008

The Income-Tax Department here has unearthed tax evasion to the tune of Rs 110.70 crore, besides seizing incriminating documents, during a nationwide search operation conducted on the offices and establishments of a real estate group.

The raids were conducted recently across Mumbai, Hyderabad, Banaglore, Nagpur and Pune, a Directorate General of Income Tax (Investigation) release said here on Tuesday.

The search was conducted on July 9 and 10. "The search revealed that the Group had not filed returns of income for 2006-07 and no tax was paid, though substantial income had been earned as per the documents seized," the release said.

The Group had also not paid advance tax on the income earned during the financial year 2007-08, it said, adding "the evidence relating to undisclosed income, non-filing of income return and bogus share losses have been seized."

On basis of the documents seized, the Group (whose identity was not revealed), disclosed an income of Rs 110.70 crore for two years, it said.

"The Group was also found to be indulging in manipulation in share transactions and booking of bogus losses," the release said.

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