Saturday August 25, 04:11 AM
IT dept raids two realtors in TN
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By Economy Bureau
The Income-Tax Department has carried out search operations in the offices and residences of two real estate business groups based in Coimbatore and Tiruppur and seized unaccounted cash of Rs 46 lakh. Jewellery and fixed deposits in banks of about Rs 30 lakh were put under prohibitory orders pending verification. In a statement here on Friday, G Muthuramakrishnan, director general of IT (Investigation), said on detection of understatement of the sale consideration in the registered documents as compared to the amount shown in the sale agreements relating to an immovable property at Coimbatore, one group admitted unaccounted income by way of on-money receipt of Rs 9.80 crore and furnished a cheque for Rs 3 crore on the spot towards the tax payable thereon. Another group admitted unaccounted income of Rs 7 crore towards unexplained investments in real estate and also furnished a cheque for the tax payable thereon. Prohibitory orders have been placed on certain bank accounts pending verification. Further investigations are on, said the communique further. About 115 IT personnel were engaged in the operation, which was carried out mainly in Coimbatore, Tiruppur and Tuticorin.
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