Ahemdabd based realty firms discloses Rs. 30 crore Income after I-T searches

The Income Tax (I-T) department has got disclosures of Rs 30 crore from two companies. IT officials initiated search and survey operation with around 200 officials on four city-based groups on Wednesday. While three of the groups have real estate as their core business, the fourth group is popular city-based jeweller and has huge investments in realty business. The department has also seized Rs 60 lakh from the two groups each of which have declared Rs 15 crore unaccounted income.

The department has sealed 30 lockers and has passed prohibitory order (PO) at 15 locations. “These locations include offices and homes of the developers because three realtors were on a tour to Singapore,” said an I-T official.

The department also searched and surveyed schools, properties and resorts having investment from the under scanner realtors and jewellers.

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