Income Tax Department has unearthed black money of over 215 crore rupees after it conducted multiple raids over the weekend against two real estate groups in the national capital. They were selling land and farm houses on the Yamuna plains to high-end investors.
Sources said, sleuths of the Delhi investigation wing of the department searched and surveyed a total of 33 premises of the two property developers and found documents and evidences of illegal cash transactions.
The modus operandi undertaken by the developers was to file their IT returns based on the sale of the property on actual circle rates but the actual transaction was priced much higher. The difference between the circle rate and actual rates was settled in cash which represented the unaccounted and undisclosed income of the sellers.