I-T Raids on Builders Reveal Unreported Transactions of Rs 150 Crore
Ahmedabad: In a significant action before Diwali, the state income tax (I-T) department conducted extensive searches across around 30 locations linked to builders and their associated firms. Initial reports indicate that unreported transactions totaling approximately Rs 150 crore were uncovered during these operations.
The valuation of the gold and silver ornaments seized is pending, as bank lockers remain to be opened, according to sources.
Sources further revealed that the firms under scrutiny allegedly made fraudulent entries to evade taxes and conducted substantial cash transactions for property dealings. Given that many of these evasions pertain to GST, the Directorate General of GST Intelligence (DGGI) has been informed for an independent investigation.
The raids targeted areas in Vadodara, Surat, and Ahmedabad, with some transactions identified as property barters. In total, over Rs 3 crore in cash was seized, alongside cash ledgers documenting various financial activities.