Earnings Tax Dept detects Rs 1300 cr black cash after raids in Karnataka

The Earnings Tax (IT) Division on Thursday knowledgeable that it has detected Rs 1300 crore unaccounted earnings after raids in Karnataka. The division carried out search operations on 20 October 2022 and a couple of November on sure people who had executed Joint Improvement Agreements (JDAs) with numerous real-estate builders. The raids coated greater than 50 premises unfold throughout Bengaluru, Mumbai, and Goa.

Through the course of the search operations, a lot of incriminating items of proof within the type of paperwork and digital knowledge have been discovered and seized, the division mentioned in a press release.

The tax sleuths additionally seized proof relating to the sale agreements, growth agreements, and occupancy certificates (OCs). This proof revealed that the land house owners had not disclosed earnings accrued to them from capital features on the switch of the land given for growth by means of JDAs to varied builders, even after issuing the OCs from the authorities.

In lots of cases, the division mentioned the land house owners suppressed earnings from capital features for numerous years by artificially inflating the price of acquisition and numerous different prices, and by not disclosing the total worth of consideration on switch land.

It was additionally discovered that a few of the landowners didn’t even file their ITRs for numerous years, the place capital features earnings had accrued to them. When confronted, the assertion mentioned, the assessees involved admitted their lapses and agreed to reveal earnings from capital features detected of their respective instances, and pay due taxes thereon.

“Thus far, the search actions have led to the detection of unaccounted earnings of greater than Rs. 1300 crore. Additional, undisclosed property within the nature of money and gold jewelry price greater than Rs. 24 crore have additionally been seized,” the division mentioned in a press release.