Income tax raids mall owners and realty players in Bengaluru, unearth Rs 169 crore

The Income Tax department on Monday said it has detected un-disclosed income amounting to Rs 169 crore after it conducted searches on two groups of realty developers and mall owners in Bengaluru.

Officials said the raids on the two groups, that began on December 23 and ended on Monday. In one of te raid, I-T found that the group indulged in providing and receiving accommodation entries to reduce the taxable income. They were also found to be in receipt of money in respect of the property transactions.The disclosure in this cases stands at Rs 143 crore," a senior official said.

In the second group, the official added, "the assessees were found to have not disclosed income to the extent of Rs 26crore. "It was detected during searches that the assessees had not accounted for the sales component received in cash and had disguised the personal expenses as business expenses among others. It was also found that they had made unaccounted investments in gold and jewellery," the official said.

The total disclosures in the two cases stand at Rs 169 crore, the official said adding investigations are still on and hence the groups could not be identified. The department has been conducting search and survey operations to check black money generation and hoarding postthe currency scarp on November 8.