Rs 169 cr undisclosed income detected in Bengaluru

Bengaluru, Dec 26 (IANS) Sleuths of the Income Tax department unearthed a total of Rs 169 crore undisclosed income from real estate developers and mall owners during two search operations in the city over the last three days, said an official on Monday.

“In the first case, we have found a group of realtors providing and receiving accommodation entries to reduce taxable income. The group was also in receipt of money (Rs 143 crore) from property transactions,” said tax official Alex Mathew in a statement here.

In the second case, the assesses (mall owners) were found to have not disclosed an income of Rs 26 crore in cash from sales component.

“The assesses had disguised personal expenses as business expenses and made unaccounted investments in gold and jewellery,” added Mathew.

–IANS

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