Rs.169-cr undisclosed income unearthed in Bengaluru
Assesses had disguised personal expenses as business expenses and made unaccounted investments in gold and jewellery
The Income Tax department has unearthed Rs.169 crore undisclosed income from real estate developers and mall owners during two search operations in Bengaluru over the last three days.
"In the first case, we have found a group of realtors providing and receiving accommodation entries to reduce taxable income. The group was also in receipt of money (Rs 143 crore) from property transactions," tax official Alex Mathew said in a statement here.
In the second case, assesses (mall owners) were found to have not disclosed an income of Rs.26 crore in cash from sales component.
"The assesses had disguised personal expenses as business expenses and made unaccounted investments in gold and jewellery," Mathew said.