Income Tax officials unearthed undisclosed assets worth Rs 169 crore after raids were conducted at malls and real estate groups in Bengaluru. Raids that were conducted for three days, starting December 23 to 26 led to the seizure.
In the first of the cases, IT officials found that a real estate group had indulged in providing and receiving accommodation entries to reduce taxable income. Slueths also found that the company was receiving money in respect of the property transactions. The total disclosure in this cases stands at Rs 143 Crore.
In the second case, income tax officials found that income worth Rs 26 Crores was undisclosed by the group. It was found that the assessees had not accounted for the sales component received in cash and had disguised the personal expenses as business expenses. It was also found that they had made unaccounted investments in gold and jewellery.