The Revenue 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 pair 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.
Throughout the course of the search operations, a lot of incriminating items of proof within the type of paperwork and digital information have been discovered and seized, the division stated in an announcement.
The tax sleuths additionally seized proof concerning the sale agreements, growth agreements, and occupancy certificates (OCs). This proof revealed that the land homeowners had not disclosed earnings accrued to them from capital good points on the switch of the land given for growth by way of JDAs to numerous builders, even after issuing the OCs from the authorities.
In lots of situations, the division stated the land homeowners suppressed earnings from capital good points 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 number of the landowners didn’t even file their ITRs for numerous years, the place capital good points earnings had accrued to them. When confronted, the assertion stated, the assessees involved admitted their lapses and agreed to reveal earnings from capital good points detected of their respective circumstances, and pay due taxes thereon.
“To this point, 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 value greater than Rs. 24 crore have additionally been seized,” the division stated in an announcement.