The income tax (I-T) department stumbled upon Rs 80 crore worth concealed of income during raids on a Santacruz builder on Saturday and Sunday. The investigation wing of the department conducted raids on Rawal Builders after getting information that the group was taking part payment in cash while selling residential flats.
The officers had conducted raids at nine premises in the city that belonged to the group, its owner Naresh Rawal and another person who allegedly rotated the cash and brought it back to the group through some other companies in Mumbai and Kolkata.
A senior I-T officer, requesting anonymity as he is not authorised to speak to media, said that during raids they found substantial evidence on the group accepting part payment in cash and rotating the same.
“The cash was later shown as receipts from some other companies based in Mumbai and Kolkata,” the officer said, adding that the person doing this for the group accepted it.Online GST Certification Course by TaxGuru & MSME- Click here to Join
On Saturday, the officers had found documentary evidence of Rs 25 crore brought back to the group through some companies in Kolkata.
“On being confronted on this issue, Rawal admitted concealment of Rs 80 crore worth income,” the officer said.
The officers also found Rs 26 lakh cash during the raid. The team found details of three bank lockers belonging to Rawal and his family. The lockers have been sealed and will be opened later this week.
Though the group owner has admitted Rs 80 crore worth concealment of income, the department is scrutinising the documents further to find out if there is more concealment.
At the admitted amount (Rs 80 crore) the group would have to pay around Rs 27 crore in tax, at regular rate. Besides, the department could levy interest and penalty on tax evasion.