Tax Dept. conducts search on prominent group in Jharkhand engaged in real estate
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- Last Updated on 2 August, 2021
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Press Release, dated 29-07-2021
The Income-tax Dept. has carried out a search operation on 28-07-2021 on a prominent group in Jharkhand dealing in real estate. During the search, it was found that the group wasn’t maintaining regular books of account. Huge outside the books transactions in the building construction business and a large portion of sale proceeds received in cash were found.
Evidence gathered during the search established that the group had fraudulently got more than 300 acres of forest land registered in its name. Unexplained cash of Rs. 50 lakh has been seized and three lockers have been found and placed under restraint. Preliminary evidence found suggests evasion of tax of more than Rs. 50 crore.
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