Rs 1300 cr unaccounted income detected after IT raids on various real estate developers in 3 states

New Delhi [India], November 17 : After conducting raids in around 50 premises spread across Bengaluru, Mumbai and Goa, the Income Tax Department has detected unaccounted income of more than Rs 1300 crore of people involved in the execution of joint development agreements with some Karnataka-based real-estate developers.
According to the Central Board of Direct Taxes, the raids were conducted on October 20 and November 2 at more than 50 premises spread across Bengaluru, Mumbai and Goa.
"So far, the search actions have led to the detection of unaccounted income of more than Rs 1300 crore. Further, undisclosed assets in the nature of cash and gold jewellery worth more than Rs 24 crore have also been seized," CBDT said in a statement.
During the course of the search operations, a large number of incriminating evidences, in the form of documents and digital data have been found and seized.
"Evidences regarding the sale agreements, development agreements and occupancy certificates (OCs) have also been seized. These evidences revealed that the landowners had not disclosed income accrued to them from capital gains on the transfer of the land given for development through JDAs to various developers, even after the issue of the OCs from the authorities," it said.
It was also unearthed that in many instances, the land owners suppressed income from capital gains for various years by artificially inflating the cost of acquisition and various other costs, and by not disclosing the full value of consideration on transfer land.
The IT department said that it was also found that some of the landowners didn't even file their ITRs for various years, where capital gains income had accrued to them.
"When confronted, the assessees concerned admitted their lapses and agreed to disclose income from capital gains detected in their respective cases, and pay due taxes thereon," it added.
Further investigations are in progress.