I-T conducted 28 searches and detected Rs1,655 crore black money in 2010-11. Real estate biggest source of black money.
A day before the visit of Central Board of Direct Tax (CBDT) chairman Sudhir Chandra to the city, the income tax department on Friday revealed various interesting data about its performance in the previous year.
According to the official data, the real estate sector seems to have become the biggest source of black money in the state. The data about I-T raids and revelation of unaccounted money in financial year 2010-11 show that real estate has become the safest place to park black money.
In 2010-11, the Directorate of Income Tax (investigation) conducted 28 search and seizure operations across the state, compared to 27 in the previous year. The operations resulted in Rs1,655 crore worth black money being disclosed during the year, as against Rs977 crore in the previous year. On an average, each operation yielded black money to the tune of Rs59 crore, as against an average of Rs36 crore in 2009-10. In fact, the biggest chunk of unaccounted money was detected from the real estate sector. The raid on a Surat-based builder group led to the detection of black money worth Rs129 crore, the biggest detection throughout the year. Similarly, the second highest detection of Rs103 crore also involved an infrastructure developer group.
Among other major disclosures, Savalia Group disclosed Rs83.58 crore, Sadbhav Engineering Group- Rs83.3 crore, Rajkot-based Vastra Group- Rs68.82 crore and Surendranagar based Makson Group- Rs72 crore. According to officials, the maximum seizure of valuables was made during the operation on Trivedi-Sonpura Group, from whom Rs3.41 crore in cash and Rs3.96 crore worth of jewellery was seized.
Officials said the total disclosure by assessees increased to Rs950 crore in 2010-11 as against Rs576 crore in the previous year- a growth of nearly 65%. The admission per case also increased from Rs21 crore to Rs33 crore, as against the all India figure of Rs19.86 crore.
The officials informed that they had raided 10 assessees in real estate- four involved in manufacturing, two engaged in jewellery business, two on traders, two in service sector, one professional and six miscellaneous.
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