Income Tax Department conducts searches on business group in Goa
The search resulted in a seizure of undisclosed assets of Rs 4.39 crore comprising of undisclosed cash of Rs 2.55 crore and jewellery/valuables worth Rs 1.84 crore.
Income Tax Department (I-T) on Friday conducted searches on a business group in Goa. The I-T covered six premises of two grops allegedly involved in the sale and purchase of hotel resort in Goa.
One of the groups covered currently owns a large property in Goa on which a five star resort project is being built.
The group is engaged primarily in hotels and hospitality, real estate and construction. The buyer, a Delhi-based group of companies is into catering, restaurant and hotel business.
Search operations have been concluded.
The search resulted in a seizure of undisclosed assets of Rs 4.39 crore comprising of undisclosed cash of Rs 2.55 crore and jewellery/valuables worth Rs 1.84 crore.
The group made a disclosure of a total amount of Rs 124.41 crore representing undisclosed income and also committed to pay taxes immediately.