The Directorate of Investigations of the income tax (I-T) department in Surat, in searches carried out on the premises of two real estate firms, has unearthed unaccounted business transactions worth Rs 700 crore. The matter came to light when the DI was investigating a real estate firm’s alleged involvement in selling buildings but not entering them in its account books to evade taxes. During a search of the firm’s premises, the DI found that the group has made business dealings with another real estate company. By the time the searches ended on Wednesday night, the DI had found both companies not disclosing business transactions worth Rs 700 crore. The officers also seized cash and jewellery worth Rs 10 crore from the companies.

Source: Indian Express December 16, 2023 10:33 UTC