Two realty biggies admit undisclosed income of Rs36 crore.
The joint search and seizure operation by Directorate of Income-Tax, Investigation, against city-based realtor biggies - Soumya Constructions, Radhe Group and Rainbow Paper Mills - has so far resulted in detection of tax evasion of Rs41 crore.
However, I-T officials this time are not revealing the break-up of tax evasion by these three groups for unknown reasons. However, sources said that Soumya and Radhe groups account for major part of the fraud, while Rainbow Paper Mills accounts for a small amount.
The three groups have, taken together, so far admitted undisclosed income of Rs36.54 crore, while Rs4.47 crore of unaccounted assets have been seized, including over Rs2 crore in cash. Many incriminating documents showing unaccounted transactions of these groups have been found, which are being scrutinised.
Sources said that the department got a wind of income-tax evasion after one of the groups recently advertised for its Rs500 crore realty project in the city. The same method had been used when the I-T sleuths had raided Kiri Dyes and Chemicals Ltd, a city-based firm engaged in manufacturing chemicals, transport and commodity trading. The company had announced its plan for acquisition of a US-or Europe-based firm at a cost of Rs400 crore.
"There were several other indications of tax fraud by these groups, apart from their announcements of mega projects. We came to know that Soumya group is very well connected with Radhe and even Jaldhara," said a source in the I-T department.
He further said that during the search it was found that the realtors evade taxes by showing only 40% of their deals in white while the remaining 60% does not have any account or record. In some cases, the ratio goes to nearly 25% and 75% respectively.
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