IT unearths unaccounted income of Rs 110 crore from builder

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Mumbai, Jul 15 (UNI) Unaccounted income of more than Rs 110 crore was unearthed after a search operation conducted by the Investigation wing of the Income Tax department on offices and residential premises of a leading city-based builder.

Director General of IT (investigation) S S N Murthy, in a statement, said that the search operations were conducted in Mumbai, Pune, Hyderabad, Bangalore and Nagpur on July 9 and 10.

The search revealed that the Group had not filed returns of income for 2006-07 and no tax was also paid, though substantial income had been earned as per documents seized.

The Group has also not paid any advance tax on income earned during the financial year 2007-08.

The documents relating to undisclosed income and bogus share losses have been seized by the department.

On the basis of the documents seized, the Group had disclosed an income of Rs 11.70 crore for last two years. It was also found to be indulging in manipulation of share transactions and booking bogus losses, the statement added.

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