I-T search unearths concealed income of Rs 169 crore

The Income Tax Department's searches at two leading real estate firms have unearthed undisclosed income to the tune of Rs 169 crore.

The two entities searched by the I-T sleuths are, Gopalan Enterprises, which owns malls, and VRR builders (Vijay Raghava Reddy) in Koramangala. The investigation wing of the Income Tax Department conducted the search operations in two separate teams from December 23 to December 26.

“In the first of the cases, it was found that the group has indulged in providing and receiving accommodation entries to reduce the taxable income. They were also found to be in receipt of on money in respect of the property transactions. The disclosure in this case stands at Rs 143 crore,” a release said.

In the second cases, the assessees were found to have not disclosed income up to Rs 26 crore.

The Income Tax Department sleuths found that the group had not accounted for the sales component received in cash and had disguised the personal expenses as business expenses. It was also found that they had made unaccounted investments in gold and jewellery.