IT dept unearth tax evasion worth crores after raids on Mumbai real estate Co

After a recent raid on a real estate business involved in the development of slum redevelopment projects in Mumbai and the Navi Mumbai region, the Income Tax Department discovered accused tax fraud of crores of rupees.

The CBDT said in a statement on Thursday that the searches on the group, which builds both residential and commercial projects, began on November 25 and spanned about 30 locations. "Various methods of tax evasion used by the group have been discovered, and several documentary and digital evidence has been seized demonstrating receipt of cash to the tune of Rs 100 crore as part of consideration on the sale of flats, which is not accounted for in the regular books of account," according to the statement.

"Incriminating evidence about unaccounted cash payments made not only to the original tenants of the slums for vacating the dwelling unit but also to some other persons for facilitating vacation of the properties by slum dwellers has been seized," the statement said.

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