I-T department detects Rs 50 crore undisclosed income after raids on builder
Jaipur: Over 33 premises belonging to a Congress leader and a real estate builder group has detected undisclosed income to the tune of nearly Rs 50 crore. The raids were carried out in Jaipur and Sriganganagar on October 28. The I-T department seized a cash amount of Rs 2.31 crore and jewellery and other valuables worth Rs 2.48 crore.
The Congress leader and the group are involved in liquor, sand mining, and real estate businesses. The group has offered to pay tax on an undisclosed income of Rs 35 crore, but the I-T department believes that the undisclosed income amounts to more than Rs 50 crore, so it has not accepted the tax payment proposal from the group.
The I-T department seized several documents, cash, and valuables. Their assessment is underway. The cash income was not mentioned in the books for the purpose of tax evasion.
Over 250 employees and officials of the I-T department were part of the raids carried out simultaneously in Jaipur and Sriganganagar. The Jaipur branch of the department had received a tip-off about tax evasion from the Mumbai branch following which raids were carried out. The I-T department found irregularities in tax payment after an assessment of books related to various businesses run by the Congress leader. Further investigation is going on.