Ahmedabad builder admits undisclosed income of Rs5 crore to Income Tax

A city-based builder has admitted an undisclosed income of Rs5 crore to Income Tax officials during a search and seizure operation here today, a senior IT official said.

During the search operation, all the three premises belonging to the builder were covered, and he has admitted an undisclosed income of Rs5 crore on account of sale of bungalows, senior I-T official said.

Large quantity of incriminating documents indicating unaccounted transactions made by the builder have been seized and are being analysed, he added.

Investigations are still underway, he said.