IT Dept raids 25 locations, Rs 3.75 Cr assets seized, group admits Rs 3,000 Cr undisclosed income
New Delhi: The Ministry of Finance said today that the Income Tax (IT) Department conducted a search and survey action on a group having interest in infrastructure, mining and real estate. More than 25 premises were covered in the National Capital Region (NCR).
Search action led to recovery of unaccounted assets and incriminating documents. Cash ledgers containing details of unaccounted cash receipts of more than Rs 250 crore have also been found and seized.
The group also did not pay taxes on several property transactions. Unaccounted assets of Rs 3.75 crore have been seized. Thirty-two bank lockers have also been sealed. The group has admitted undisclosed income of more than Rs 3,000 crore and agreed to pay tax on the same, said the Finance Ministry in a Press communication.
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