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Income Tax Surveys at Jaipur Result in Detection of Undisclosed Income of Rs. 118 Crore

A Survey action was conducted by the Income Tax Department at Jaipur on 03.09.2013 in the case of a leading Builder and Developer of Jaipur which resulted in the detection of the additional income of Rs. 95.14 crores. The assessee not only admitted the said additional income but also furnished the post dated cheques of Rs. 39.21 crores towards his additional tax liability. Surprisingly no advance tax installment was paid by the said assessee in June, 2013. Incriminating documents were impounded during the survey evidencing unaccounted receipts on sale of flats/offices, unaccounted payments for purchase of flats, development expenses and other unaccounted cash transactions. 3 other survey actions at Jaipur in the cases of persons engaged in the real estate business resulted in further disclosure of additional income of Rs. 23 crores. In these cases also, the assessees have given post dated cheques for income tax payments towards their admitted tax liability.

Tags: Direct taxFiscal yearIncome taxIncome Tax DepartmentJaipurRupeeTax

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