IT dept detects Rs 300-cr blackmoney after raids on Rajkot-based realty group

The Income Tax department has detected alleged black income of over Rs 300 crore after it raided multiple premises of a prominent real estate player based in Gujarat's Rajkot, the CBDT said on Friday. The raids were conducted on Tuesday and "unaccounted" Rs 6.40 crore cash and jewelry worth Rs 1.70 crore were seized from the about 40 premises searched.

New Delhi: The Income Tax department has detected alleged black income of over Rs 300 crore after it raided multiple premises of a prominent real estate player based in Gujarat's Rajkot, the CBDT said on Friday. The raids were conducted on Tuesday and "unaccounted" Rs 6.40 crore cash and jewelry worth Rs 1.70 crore were seized from the about 40 premises searched.

Twenty-five lockers found during the searches have been put under restraint, it said. "Overall, the search and seizure operation resulted in the detection of concealed income in excess of Rs 300 crore spread over various assessment years, which is likely to go up," the Central Board of Direct Taxes (CBDT) said in a statement.

The CBDT frames policy for the Income Tax department. "Many incriminating documents, loose sheets, digital evidence, among others, were seized indicating the involvement of the group in unaccounted transactions.

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