A day after the Directorate of Income Tax, Investigation launched its search and seizure operation, two city groups have reportedly confessed to having Rs30 crore black money.
A day after the Directorate of Income Tax, Investigation launched its search and seizure operation, two city groups have reportedly confessed to having Rs30 crore black money. Both groups are engaged in real estate. The operation indicates that the sector has become the hotbed of black money.
Sidhi Developers and Sky Elegance, which are owned by Deepak Patel and Manubhai Jhaveri respectively, are the groups that have been identified by the Income Tax department. Jhaveri also runs Jhaveri & Co, a jewellery showroom at CG Road.
Both groups have reportedly confessed to having undisclosed money transactions worth Rs15 crore each. Apart from this, I-T sleuths have also seized Rs60 lakh cash and 16 lockers, which are still to be investigated but have been sealed So far, a total of Rs30 crore disclosure of unaccounted or black money has been reported by the I-T officials. The investigation is going on.
The other major group covered in this operation is Savvy Group but there's been no development here as the group's owner and partners are currently out of the country.
But the revelations have again put the realtors in the dock for possessing such huge amounts of black money. In fiscal 2010-11 I-T officials conducted 28 such operations of which 10 were on real estate offices - which was the highest number of raids in a single sector.
Other cases included a Surat-based builder group where Rs129 crore was unaccounted; Savalia Group (Rs83.58 cr), Sadbhav Engineering Group (Rs83.3 cr) Rajkot-based Vastra Group (Rs68.82 cr) unaccounted and Surendranagar based Makson Group with Rs72 crore unaccounted.
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