New Delhi: The Income Tax department detected unaccounted income worth more than Rs 1,300 crore after it conducted searches against some individuals who had executed joint development agreements with various Karnataka-based real estate developers, the CBDT said on Thursday.
The department conducted search & seizure operation on October 20 and November 2 at about 50 premises in Bengaluru, Mumbai and Goa.
“So far, the search actions have led to detection of unaccounted income of more than Rs. 1300 crore,” the Central Board of Direct Taxes said, adding that, undisclosed assets in the nature of cash and gold jewellery worth more than Rs 24 crore have also been seized.
A large number of incriminating evidences, in the form of documents and digital data have been found & seized, the statement said.
Evidences regarding the sale agreements, development agreements and occupancy
certificates (OCs) have also been seized.
“These evidences revealed that the land owners had not disclosed income accrued to them from capital gains on transfer of the land given for development through JDAs to various developers, even after issue of the OCs from the authorities,” it added.
“It was also unearthed that in many instances, the landowners suppressed income from capital gains for various years by artificially inflating the cost of acquisition and various other costs, and by not disclosing full value of consideration on transfer land,” it said.
Some of the landowners did not even file their income tax returns for several years during which capital gains income had accrued to them, the CBDT said.
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,” the statement said.