The NCR-based real estate group admits Rs 3,000 crore of black money after the I-T raids
NEW DELHI: An NCR-based real estate group admitted an undisclosed income of more than Rs 3,000 million after the Income tax The department recently raided him, he said Monday in a statement.
Although the Central Board of Direct Taxes (CBDT) did not identify the company, official sources claimed that it was the East India Group.
Last week, searches and surveys were conducted in more than 25 locations in the group that have interests in infrastructure, mining and real estate, according to the statement.
Cash accounting books containing details of uncounted cash receipts of more than Rs 250 Rs have also been found and seized. The group also did not pay taxes on various property transactions.
Uncounted assets of Rs 3.75 million have been seized. The group admitted undisclosed income of more than Rs 3,000 million and agreed to pay taxes on it, the statement said.
The CBDT framework policy for the I-T department.
The statement says 32 bank lockers have also been sealed after the raids.