IT dept conducts searches in Thane, seizes unaccounted cash worth over Rs 10 crore

Income Tax department carried out search and survey operations in the cases of leading builders located in Borivali-Mira Road-Bhayander area of Thane in Maharashtra, said Ministry of Finance on Thursday.

The searches which were conducted on January 12, has resulted in the seizure of unaccounted cash of Rs 10.16 crore.

"Total unaccounted income of earlier years detected during the search operation is Rs 520.56 crore including the cash seized. The unaccounted income inter alia includes on-money on sale of land and flats; accommodation entries of non-genuine unsecured loans routed through certain shell/paper compes; unaccounted cash receipts in the nature of capital introduction/cash loan; unaccounted cash expenses," according to an official press release.

Further, the unrecognized sales revenue of Rs 514.84 crore for FY 2019-20 has been accepted by the group during the search action.

"Accordingly, the group has agreed to pay Self Assessment Tax on the same. Lockers found during the course of the search operation are yet to be operated," the release said.

Further investigations are in progress.

( With inputs from ANI )