Bengaluru: After the Demonetisation move, the Indian Government have strictly conducting IT raids across the country. In a recent raid, it has detected a whopping amount of Rs 169 crore on two separate groups of realty Developers and Mall owners in Bengaluru. Senior Police officials have conducted searches after receiving information about the reduced entries of the taxable income. It is reported that Senior Official from the Income tax department has begun IT raids on December 23rd, 2016 on the two separate groups of Mall owners and realty developers has ended today. After completion of the raid the total disclosure in the two cases were stood at Rs 169 crores. Police officials are still making the investigation on the groups and they could not be identified yet. To know more details scroll down.
IT raids Bengaluru Mall Owners and disclosed Rs 169 crores – Report
According to the reports, after the IT raids a Senior Official said in a statement that in the first case, it was found that the group has indulged in providing and receiving accommodation entries to reduce the taxable income entries. They were also found to be in receipt of money in respect of the property transactions as well as bank statements. The disclosure in this cases stands at Rs 143 crore.
In the second group, the official added, that the assesses were found to have not disclosed income to the extent of Rs 26 crore. After the IT raids, the official also added that it was detected during searches that the assessees had not accounted for the sales component received in cash and had disguised the personal expenses as business expenses among others. It was also found that they had made unaccounted investments in gold and jewellery.
However, the total disclosures in the two cases stood at Rs 169 crores from the Bengaluru dealers. The Income Tax Department has been conducting search and investigation about the two group people. The IT raids search and survey operations to check black money generation and hoarding post the currency scrap on November 8.
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