Friday, December 03, 2021


Income Tax Department conducts searches in Gurugram

IANS | November 16, 2021 08:53 AM

NEW DELHI:The Income Tax Department carried out search and seizure operations on two groups, one engaged in real estate and hospitality sector and the other, a tools and equipment manufacturing group at Gurugram.

The department has found various incriminating documents and electronic data relating to unaccounted investment in real estate, unaccounted sales and purchases, difference in stock, acquisition of shell companies, benami properties and transactions, bogus unsecured loans and share application money, evasion of capital gains, etc, which were seized.

Further, evidence of large sums of money having been received in the form of salary and remuneration by family members without any commensurate qualification or participation in the management of the businesses has been found and seized in one of the groups, the department said in a statement.

Total cash amounting to Rs 3.54 crore and Jewellery valued at Rs 5.15 crore have been seized. In total, 18 bank lockers have been placed under restraint.

The search action, in these groups, has led to the detection of estimated unaccounted income to the tune of Rs 600 crore. Further investigations are in progress.

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