I-T Department conducts searches on two Ludhiana-based real estate developers
The tax Department initiated search and seizure operations on a pair of major land developers of Ludhiana on sixteen.11.2021. The search action coated around forty premises in Ludhiana.
Two major land developers raided by IT dept
The major finding emanating from these search and seizure operations of every the groups is concerning the receipt of unaccounted cash by these groups by suggests that of on-money on property transactions. throughout the course of search proceedings documentary evidences among the character of ‘agreement to sale’, (popularly known as ‘Biyana’ in native parlance), actually properties ar found and appropriated. These documents indicate that the ‘agreement to sale’ for plots has been dead at loads of upper amount/rate as compared to the thought disclosed in registered sale deed of the plot.
Further, criminatory documents like loose sheets, stand out sheets showing calculation of receipt of on-money of certain property transactions, soft data, chats from mobile phones of the persons concerned, etc. have jointly been recovered. A preliminary analysis of these evidences clearly indicates the receipt of unaccounted cash by suggests that of on-money on property transactions. Besides, certain totally different validatory evidences supporting the receipt of on-money have jointly been gathered.
Investigations have jointly discovered that unaccounted cash expenditure has been incurred on construction of residential house of one of the key persons.