Income Tax Department conducts searches in Ahmedabad

The Income Tax Department carried out search & seizure operations on September 28, 2021 on a real estate developer group and the brokers connected with this group. Total of 22 residential and business premises were covered in the operation.

In the case of the real estate developer group, a large number of incriminating documents, loose papers, digital evidences etc. have been found and seized. These evidences contain 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. A large number of original documents of properties purchased over the years which are apparently held in the name of benami individuals have also been found.

​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 the broker have been found. Documents showing cash transactions of more than Rs. 230 crore in these land deals have been found and seized so far.

The documents found reveal unaccounted income of more than Rs. 200 crore in the hands of the real estate group and also unaccounted income of more than Rs. 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers. Over all, the search & seizure operation has resulted in the detection of unaccounted transactions of more than Rs. 500 crore.

24 lockers have also been found during the course of the search and seizure operation which have been put under restraint. Cash of approximately Rs.1 crore and jewellery worth Rs. 98 lakh have been seized so far.

​The search and seizure operation is still continuing and further investigations are in progress.

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1760233

The Income Tax Department carried out a search and seizure operation on September 08, 2021 on a group based in Ahmedabad. The group is among one of the prominent business houses of Gujarat engaged primarily in the media and real estate sectors. The media arm of the group comprises of electronics, digital as well as print media while the real estate arm comprises of affordable housing projects and urban civic infrastructure. More than 20 premises were covered in the operation.

During the course of the search operation, a large number of incriminating documents, loose sheets, digital evidences etc. have been found and seized, containing detailed records of the group’s unaccounted transactions, spread across multiple financial years. Majority of these evidences indicate huge unaccounted cash receipts in excess of Rs. 500 crore on the sale of Transferable Development Right (TDR) certificates. Evidences of on-money transactions in real estate projects and land deals, in excess of Rs. 350 crore have also been found along with corroborative documents. Incriminating evidences of unaccounted cash-based loan and interest payments/repayments worth more than Rs. 150 crore have also been found. Further, substantial incriminating evidences of unaccounted cash expenses, cash advances received and interest paid in cash has also been unearthed. So far, cash of more than Rs. 1 crore and jewelry amounting to Rs. 2.70 crore have also been seized from different premises.  A large number of original documents of properties of the group acquired over the years and held in the names of several dummy individuals and cooperative housing societies have also been found.

Overall, the search and seizure operation has resulted in the detection of unaccounted transactions in excess of Rs. 1000 crore spread over various assessment years so far. 14 lockers have also been found during the course of the search operation which have been put under restraint orders.

The search operation is still continuing and further investigations are in progress.

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1753861