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I-T department unearths benami investments of Rs 500 crore in bSafal Group search, Real Estate News, ET RealEstate

I-T department unearths benami investments of Rs 500 crore in bSafal Group search, Real Estate News, ET RealEstate
AHMEDABAD: The Income-Tax (I-T) department concluded its search and seizure operation on bSafal group and land brokers associated with the group on Saturday. A release from the Central Board of Direct Taxes (CBDT) mentioned that the search fetched unaccounted investments and cash receipts of over Rs 300 crore over five days.

The officials said that the search-and-seizure exercise in total unearthed unaccounted transactions of over Rs 500 crore. This included income of more than Rs 200 crore from real estate group and another Rs 200 crore in connection with the other individuals involved.

“A large number of incriminating documents, loose papers, digital evidence etc. have been found and seized. The evidence includes detailed records of the group’s unaccounted transactions spread across multiple financial years. Documents showing unaccounted investment in land of more than Rs 200 crore and unaccounted cash receipts from sale of land amounting to more than Rs 100 crore have been found and seized so far,’ mentioned the release.

The search and seizure covered 22 residential and business premises. The teams had also seized original documents of properties purchased over the years and are apparently being held in the name of benami individuals.

‘In the case of the broker, documents showing details of payments in cash and in cheques relating to transactions of purchase and sale of land carried out through him have been found. Documents showing cash transactions of more than Rs 230 crore in these land deals have been found and seized so far,’ mentioned the release.

The teams had earlier got jewellery worth Rs 98 lakh and Rs 1 crore in cash. The teams are yet to operate the 24 bank lockers.


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