NEW DELHI: The Income Tax Department (ITD) has unearthed black money of over Rs 215 crore after it conducted multiple raids over the weekend against two real estate groups who were selling land and farm houses on the Yamuna plains to high-end investors in the national capital, officials said today.
Sleuths of the Delhi investigation wing of the department searched and surveyed a total of 33 premises of the two property developers, whom they did not identify.
They said the two developers largely dealt in cash while cracking these deals and thus evaded income tax along with their clients, who are now under the ITD scanner.
The modus operandi undertaken by the developers, sources said, was to file their IT returns based on the sale of the property on actual circle rates but the actual transaction was priced “much higher.”
“The difference between the circle rate and actual rates was settled in cash which represented the unaccounted and undisclosed income of the sellers,” a senior official said.
He added that this technique was being used by the promoters of the real estate business and their clients for many years to hide their “true income” from the tax department. (AGENCIES)
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