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The Income Tax Department on Thursday unearthed unaccounted income of Rs 1,300 crore after raids in Karnataka, in a drive against black money. The department conducted search operations on 20 October 2022 and 2 November on certain persons who had executed Joint Development Agreements (JDAs) with various real estate developers.
Cash and gold jewelery worth over Rs 24 crore seized
According to the Central Board of Direct Taxes, the raids were conducted on October 20 and November 2 at the premises of over 50 real estate developers spread across Bengaluru, Mumbai and Goa. The CBDT said in a statement that the unaccounted income of over Rs 1,300 crore has been unearthed in the search operations so far. Apart from this, undisclosed assets including cash and gold jewelery amounting to over Rs 24 crore have also been seized.
ITR not even filed
During the search operation, a large amount of incriminating evidence in the form of documents and digital data was found and seized. The statement further said that it was also found that some of the landowners did not even file their ITRs for various years where they had earned capital gains income.
It further added that evidence in respect of sale agreements, development agreements and occupancy certificates (OCs) have also been seized. These evidences revealed that even after issue of OC from the authorities, the landowners did not disclose the income earned from capital gains on transfer of land given for development through JDA to various developers.
When the matter of tax evasion was brought to the notice of the traders, they admitted their lapse and agreed to disclose the income from capital gains found in their respective cases and pay the taxes due thereon. Further investigation is going on there.