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Aug 24, 2007

Income tax raid at real estate buisness groups

Income tax sleuths today raided offices and residences of two real estate business groups based at Coimbatore and Tirupur and seized unaccounted money to the tune of Rs 46 lakh, a top IT official said.They also froze jewellery and fixed deposits in banks amounting to Rs 30 lakh pending verification, G Muthukrishnan, Director General (Investigation), IT, said in a statement.On detection of understatement of the sale consideration in the registered documents as compared to the amounts shown in the sale agreement relating to one immovable property at Coimbatore, one group admitted unaccounted income of Rs 9.80 crore and paid a cheque for Rs 3 crore on the spot towards the tax payable on the amount, he said.Another admitted unaccounted income of Rs 7 crore and paid a cheque for the tax payable on the amount, he said.Further investigation was on.

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