Rs 22-Crore Worth Cash, Jewellery Seized From Bengaluru, Hyderabad Realty Groups
NDTV
The preliminary analysis of seized evidences shows that the land owners had entered into a joint development agreement (JDA) with a Bengaluru-based developer, the Central Board of Direct Taxes (CBDT) said in a statement.
The Income Tax Department has seized cash and jewellery worth Rs 22 crore after it recently raided two "leading" real estate groups based in Bengaluru and Hyderabad, the CBDT said on Monday.
A total of 40 premises were covered during the undated raids.
The preliminary analysis of seized evidences shows that the land owners had entered into a joint development agreement (JDA) with a Bengaluru-based developer, the Central Board of Direct Taxes (CBDT) said in a statement.
"They have received super built-up area from developer in lieu of the land given to the developer for the development of various projects." "However, the land owners failed to declare the capital gains accruing from the transaction, though completion certificates for the projects have been obtained," it said.
