{"id":120750,"date":"2021-11-27T13:29:02","date_gmt":"2021-11-27T07:59:02","guid":{"rendered":"https:\/\/newsmakhani.com\/?p=120750"},"modified":"2021-11-27T13:29:02","modified_gmt":"2021-11-27T07:59:02","slug":"income-tax-department-conducts-search-operations-on-two-major-real-estate-developers-of-ludhiana","status":"publish","type":"post","link":"https:\/\/newsnarad.com\/hi\/income-tax-department-conducts-search-operations-on-two-major-real-estate-developers-of-ludhiana\/","title":{"rendered":"Income Tax Department conducts search operations on two major real estate developers of Ludhiana"},"content":{"rendered":"

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DELHI : 27 NOV 2021\u00a0<\/strong><\/p>\n<\/div>\n

The Income Tax Department initiated search and seizure operations on two major real estate developers of Ludhiana on 16.11.2021<\/strong>. The search action covered around 40 premises <\/strong>in Ludhiana.<\/p>\n

The major finding emanating from these search and seizure operations of both the groups is about the receipt of unaccounted cash by these groups by way of on-money on property transactions. During the course of search proceedings documentary evidences in the nature of \u2018agreement to sale\u2019, (popularly known as \u2018Biyana<\/em>\u2019 in local parlance), for certain properties have been found and seized. These documents indicate that the \u2018agreement to sale\u2019 for plots has been executed at much higher amount\/rate as compared to the consideration disclosed in registered sale deed of the plot. Further, incriminating documents such as loose sheets, excel sheets showing calculation of receipt of on-money of certain property transactions, soft data, chats from mobile phones of the persons concerned, etc. have also been recovered. A preliminary analysis of these evidences clearly indicates the receipt of unaccounted cash by way of on-money on property transactions. Besides, certain other corroborative evidences supporting the receipt of on-money have also been gathered.<\/p>\n

Investigations have also revealed that unaccounted cash expenditure has been incurred on construction of residential house of one of the key persons.<\/p>\n

In one of the groups, defaults on compliances for the provisions of tax deduction at source have been detected with regard to payments made to the sellers of the land, etc.<\/p>\n

The search action has resulted in seizure of unaccounted cash of about Rs. 2.00 crore<\/strong> besides foreign exchange, and unexplained jewellery of about Rs. 2.30 crore<\/strong>.<\/p>\n

Further investigations are under progress.<\/p>\n

READ MORE :- Vice President calls for rethinking architecture to allow better air circulation and sunlight in indoor spaces<\/a><\/p>\n

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\u0915\u094d\u0937\u092e\u093e \u0915\u0930\u0947\u0902, \u092f\u0939 \u0938\u092e\u093e\u091a\u093e\u0930 \u0906\u092a\u0915\u0947 \u0905\u0928\u0941\u0930\u094b\u0927 \u0915\u0940 \u092d\u093e\u0937\u093e \u092e\u0947\u0902 \u0909\u092a\u0932\u092c\u094d\u0927 \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u0915\u0943\u092a\u092f\u093e \u092f\u0939\u093e\u0901 \u0926\u0947\u0916\u0947\u0902\u0964 DELHI : 27 NOV 2021\u00a0 The Income Tax Department initiated search and seizure operations on two major real estate developers of Ludhiana on 16.11.2021. The search action covered around 40 premises in Ludhiana. The major finding emanating from these search […]<\/p>\n","protected":false},"author":12,"featured_media":112372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[109,122],"tags":[11517,4441,56731],"class_list":["post-120750","post","type-post","status-publish","format-standard","has-post-thumbnail","category-national","category-news","tag-income-tax","tag-income-tax-department","tag-news-makhani"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t