New Delhi [India], February 25 (ANI): Income Tax Department on Thursday conducted searches in the case of a Gurugram-based real estate company, its promoters, directors and other group companies, covering a total of 20 premises, informed an official statement by the Ministry of Finance.
"The said company is in the business of government contracts and specialising in the construction of roads, highways, bridges and runways. The group is in the business of real estate development and residential complexes," the ministry said.
The searches yielded evidence of bogus long-term capital gain of Rs 25 crores in the names of the main promoter and family members in the year 2012-13 and 2013-14, on which no tax was paid.
"Cash of Rs 1 crore and foreign currency worth about 14000 US dollars have been found and seized, so far. 15 lockers have been detected and have been placed under restraint," it further added.
The Ministry also said that the searches also established that bogus expenses in the form of sub-contracts to the tune of Rs 100 crore have been claimed by the group, to reduce its taxable income.
"Many incriminating papers and documents showing receipt and payment of crores of rupees of cash in the sale of residential units and purchase of properties have been recovered during the course of the search. Documents of Benami properties have also been recovered," the statement said. (ANI)