A renowned jeweller who recently ventured into realty recently also searched. The operation comes five days after CBDT chairman visited the department.
The income tax sleuths carried out search and seizure operations on city's top realtors. Four groups were covered in the operation and 60 of their premises were raided.
Apart from the realty sector the operation also covered a renowned jeweller who recently ventured into realty sector.
The I-T officials who usually begin their operation in the morning between 8:30 and 9 am departed from their routine and this time began their work at around 1:30 in afternoon.
"We have played a trick," a source in the department said commenting on the change in timings when asked about the details of the operation.
He said the operation covered realtors like -Savvy Group, Maruti Group, Sidhi Developers and Sky Elegance. He said around 30 raids and equal number of surveys were carried out. It is to be noted that surveys are normally done by the field officer.
The operation comes five days after Sudhir Chandra, chairman Central Board of Direct Taxes (CBDT) visited the I-T department. During his visit he had also talked about the existence of black money in the real estate sector.
"Two of the realtors were earlier covered in another operation too. In that operation too the groups were found to have unaccounted money transactions running into crores of rupees. The members were involved in making illegal money through residential schemes (on money receipt). Whereas the other group was involved in land dealings which had lots of discrepancies," Chandra said.
The sources refused to divulge further details of the investigation but said they have collected various documents indicating black money transaction. Sources said one of the group is basically a jeweller who recently made his entry into real estate.
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