The Revenue Tax (IT) Division on Thursday knowledgeable that it has detected Rs 1300 crore unaccounted revenue after raids in Karnataka. The division carried out search operations on 20 October 2022 and a couple of November on sure people who had executed Joint Growth Agreements (JDAs) with varied real-estate builders. The raids lined greater than 50 premises unfold throughout Bengaluru, Mumbai, and Goa.
Throughout the course of the search operations, a lot of incriminating items of proof within the type of paperwork and digital information have been discovered and seized, the division stated in a press release.
The tax sleuths additionally seized proof concerning the sale agreements, growth agreements, and occupancy certificates (OCs). This proof revealed that the land house owners had not disclosed revenue accrued to them from capital positive aspects on the switch of the land given for growth via JDAs to numerous builders, even after issuing the OCs from the authorities.
In lots of situations, the division stated the land house owners suppressed revenue from capital positive aspects for varied years by artificially inflating the price of acquisition and varied different prices, and by not disclosing the total worth of consideration on switch land.
It was additionally discovered that among the landowners didn’t even file their ITRs for varied years, the place capital positive aspects revenue had accrued to them. When confronted, the assertion stated, the assessees involved admitted their lapses and agreed to reveal revenue from capital positive aspects detected of their respective circumstances, and pay due taxes thereon.
“To date, the search actions have led to the detection of unaccounted revenue of greater than Rs. 1300 crore. Additional, undisclosed belongings within the nature of money and gold jewelry price greater than Rs. 24 crore have additionally been seized,” the division stated in a press release.