NEW DELHI :
THE Income Tax Department has detected unaccounted transactions of over Rs 500 crore after it raided an Ahmedabad-based real estate developer and linked brokers as part of a tax evasion probe, the CBDT claimed on Saturday.
“Documents reveal unaccounted income of more than Rs 200 crore in the hands of the real estate group and also unaccounted income of more than Rs 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers. “Over all, the search & seizure operation has resulted in the detection of unaccounted transactions of more than Rs 500 crore,” it said in a statement. The Central Board of Direct Taxes (CBDT) frames policy for the tax department.