The Income Tax department’s action against real estate conglomerate Omaxe on March 14 has now reportedly exposed unaccounted cash transactions of over Rs 3000 crore with customers. Income Tax officials shared this information on Tuesday. It is worth noting that Omaxe is one of the leading real estate developers in Delhi and NCR.
The Central Board of Direct Taxes (CBDT) issued a statement saying that on March 14, the Income Tax Department raided the premises of a leading real estate group operating in North India. During this, a team of officers had conducted a search operation in 45 premises of the group including Delhi, NCR, Chandigarh, Ludhiana, Lucknow and Indore. During this operation, unaccounted cash worth Rs 25 crore and jewelery worth Rs 5 crore were seized and 11 lockers were confiscated.