Union Finance Ministry - Latest News Update, Information, Photos & Videos on Union Finance Ministry at Lokmat Times

The Income Tax Department has conducted raids on over 40 premises linked to two leading real estate groups based in Bengaluru and Hyderabad, the Union Finance Ministry said on Monday.Income Tax Department carried out search and seizure operations on two leading real estate groups of Bengaluru and Hyderabad, engaged in the business of construction/sale/leasing of commercial/residential space, and educational and hospitality services. The search action covered more than 40 premises located in Bengaluru, Hyderabad and Chennai, the Finance Ministry said in a statement."During the course of the search operations, several incriminating documents and digital evidences have been seized," the ministry said.The preliminary analysis of seized evidence has revealed that the land owners had entered into Joint Development Agreement (JDA) with a Bengaluru-based developer. They have received super built-up area from the developer in lieu of the land given to the developer for the development of various projects.However, the land owners failed to declare the capital gains accruing from the transaction, though completion certificates for the projects have been obtained. The amount of such undisclosed capital gains is estimated at more than Rs 400 crore.The initial analysis of the seized documents has also revealed that these groups have suppressed income to the tune of Rs 90 crore in respect of the revenue recognisable from the sale of units in real estate.Further, both the groups have indulged in tax-evasion by inflation of expenses in the construction and development business to the tune of Rs 28 crore, having claimed bogus purchases and resorted to over-invoicing of the construction materials.It has also been found that interest-bearing borrowed funds have been diverted to related entities/parties for non-business purposes by the main entities of both the groups. Instances of the transactions involving advances/loans between the group companies have also been found, which partake the character of deemed dividend and hence liable to be taxed as income.In the case of a trust covered in the search action, it has been found that the trust has failed to utilize, within the specified permissible time limit, the accumulated amount of Rs 40 crore for the specified purpose as per the objects of the registered trust deed.So far, the search action has led to the seizure of undisclosed cash of Rs 3.50 crore and gold, silver, jewellery worth Rs 18.50 crore. Further investigations are in progress, the ministry said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Union Finance MinistryFOLLOW

Union finance ministry, Latest News

Chhattisgarh Chief Minister Bhupesh Baghel will participate in the pre-Budget meeting chaired by the Union Finance Minister. A meeting ... ...

New Delhi, Oct 6 The Union Finance Ministry on Thursday released the seventh monthly instalment of post devolution ... ...

New Delhi, Sep 29 The State Bank of India (SBI) has been authorised to issue and encash electoral ... ...

The Central Bureau of Narcotics has destroyed around 1,032 hectares of illicit cannabis (ganja) cultivation in Himachal Pradesh (HP), in one of the biggest anti-drug operations conducted in the state, Union Finance Ministry said on Tuesday. ...

New Delhi, Sep 6 The Union Finance Ministry on Tuesday released the sixth monthly instalment of Post Devolution ... ...

New Delhi, Sep 4 India's external debt of $620.7 billion, as at end of March 2022, is sustainable ... ...

New Delhi, Aug 21 The Union Finance Ministry has clarified that no service charge would be levied on ... ...

The Income Tax Department has conducted raids on over 40 premises linked to two leading real estate groups based in Bengaluru and Hyderabad, the Union Finance Ministry said on Monday. ...