Mumbai: Income tax finds receipts for cash payment of Rs 100 crore by real estate group | Bombay News

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MUMBAI: Mumbai’s (IT) Income Tax Investigation Wing seized receipts related to cash payments of Rs 100 crore and Rs 6 crore in unrecorded cash in recent search in 30 premises associated with a leading builder in Mumbai and Navi Mumbai.
The IT issued a press briefing stating that during the search effort they “unearthed various tax evasion methods adopted by the group. Several documentary and digital evidence were found and seized demonstrating the receipt of cash up to Rs 100 crore, as part of the consideration on the sale of apartments, which is not recorded in the regular books of account.
IT did not name the wanted group in the press briefing, but officials said it was developing several projects in Mumbai and Navi Mumbai. It also develops projects within the framework of the Slum Rehabilitation Authority (SRA) program. A representative for the group declined to comment on the action.
The IT press note said that “Preliminary analysis of the evidence revealed that the group acquired a controlling stake in a company by paying cash consideration. Lack of compliance with withholding provisions was also noted. . withholding tax on certain payments claimed by it which total more than Rs 300 crore. ”
He further added that “the fact of receiving funds on such transactions is also corroborated in the statements recorded during the investigation process. The modus operandi adopted by the group includes the issuance of promissory notes equivalent to the on-money component to customers and these promissory notes are destroyed after registration of the apartment.
IT officials said the group made cash payments to slum dwellers for leaving their structures and others helping in the process.
The press note read: “Incriminating evidence of unrecorded cash payments made not only to original tenants in the slums for leaving the accommodation, but also to others to facilitate vacations of properties by residents of the townships. slums were found and seized. Other evidence suggesting irregularities and violations of SRA guidelines has also been detected. ”

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