The Income Tax department detected unaccounted income worth more than Rs 1,300 crore after it recently conducted searches against some individuals who had executed joint development agreements with some Karnataka-based real estate developers, the CBDT said on Thursday.
The raids were conducted on October 20 and November 2 at about 50 premises in Bengaluru, Mumbai and Goa.
”So far, the search actions have led to the detection of unaccounted income of more than Rs 1,300 crore.
”Undisclosed assets in the nature of cash and gold jewellery worth more than Rs 24 crore have also been seized,” the Central Board of Direct Taxes said.
The CBDT frames policy for the tax department.
The statement said the taxman seized ”evidences” linked to sale agreements, development agreements and occupancy certificates (OCs).
”These evidences show that the landowners had not disclosed income accrued to them from capital gains on transfer of the land given for development through JDAs (joint development agreements) to various developers, even after issuing of the OCs from the authorities.
”It was also unearthed that in many instances, the landowners suppressed income from capital gains for various years by artificially inflating the cost of acquisition and various other costs, and by not disclosing full value of consideration on transfer land,” it said.
Some of the landowners did not even file their income tax returns for several years during which capital gains income had accrued to them, the CBDT said.
”When confronted, the assessees concerned admitted their lapses and agreed to disclose income from capital gains detected in their respective cases, and pay due taxes thereon,” the statement said.