Six builders engaged in cash transactions amounting to Rs 600 crore to avoid taxation

In the ongoing series of Income Tax (I-T) raids conducted over six days at real estate companies in Delhi-NCR, officials have revealed that six companies engaged in cash transactions exceeding Rs 600 crore. Allegedly, the companies were involved in selling units from their commercial and residential projects in cash to avoid paying taxes. During the raids, I-T teams discovered cash and jewelry valued at more than Rs 16 crore at the premises of these realty firms.

The officials were focused on potential tax evasion by these companies. Officials scrutinized company documents and financial transactions related to the real estate businesses, uncovering a significant volume of cash transactions totalling over Rs 600 crore. The companies, it is claimed, have been consistently dealing in cash for both residential and commercial projects.

The ongoing investigation involves a detailed examination of the companies' business dealings, and authorities have seized electronic devices and various documents to aid in the inquiry. The primary objective is to trace the money trail and take appropriate action against the companies involved.

As of now, the I-T teams have recovered cash amounting to over Rs 9 crore and jewellery valued at more than Rs 7 crore from the six companies. The raids are part of a broader effort by officials to unveil any potential irregularities and undisclosed financial transactions in the real estate market. As the investigation continues, the authorities are determined to expose any wrongdoing and take necessary actions against the companies found to be involved in tax evasion through such cash transactions.

Next (LogiMAT India 2024: Shaping the future of logistics and supply chain in India)

Six builders engaged in cash transactions amounting to Rs 600 crore to avoid taxation

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