IT raids in Goa reveal Rs 124 cr black money of two companies

INCOME TAX
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New Delhi/Goa: Income Tax Department has on October 11 detected Rs.124.41crore of undisclosed income and seized Rs 4.39 crore assets in a search operations including multiple raids on two business groups involved in the sale-purchase of hotel resort at Goa.

“Search operations have been concluded. The search resulted in  seizure of undisclosed assets of Rs 4.39 crore comprising 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,” an official statement said.

One of the companies currently owns a large property at Goa on which a 5 star resort project is being built. The group is engaged primarily in hotels & hospitality, real estate and construction. The buyer, a Delhi Based group of companies, is into catering, restaurant and hotel business, the statement added.

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