Demonetisation: IT surveys real estate firms in Delhi-NCR

Officials said the department conducted the exercise on at least four such entities in the Delhi-NCR region and visited over half-a-dozen premises.

By: PTI | New Delhi | Published:November 16, 2016 9:49 pm
Demonetisation, Demonetisation effects, IT, Income tax, Income tax department, IT demonetisation, Real estate, NCR region, Delhi-NCR demonetisation, india news, indian express news When contacted, real estate firm Amprapali Group called the I-T operation a routine exercise.

The Income Tax department on Wednesday surveyed some real estate players in the national Capital region to check reports of alleged profiteering and tax evasion by these entities while converting the recently demonetised currency notes. Officials said the department conducted the exercise on at least four such entities in the Delhi-NCR region and visited over half-a-dozen premises. They said the tax sleuths made an inventory of cash and sale documents at these locations and checked sale documents.

Officials added the department also scanned some records of some previous sales made and have asked the officials of these firms to produce the records at a later stage.

When contacted, real estate firm Amprapali Group called the I-T operation a routine exercise.

“A team of tax officials have visited our office premises and they are inspecting the company books and accounts. It is a routine exercise done by them,” Amrapali Executive Director Shivpriya told PTI.

Asked whether the survey was linked to the illegal usage of demonetised Rs 500 and Rs 1,000, Shivpriya said: “We sell affordable homes which are largely funded by customer home loans. I-T officials have not found any cash.”

Another group and real estate brokerage firm called it a “normal” operation.

“They (tax officials) came to check if we are accepting cash or not. We are doing legal business. We deal in primary market where there is no cash,” Investors Clinic Infratech Private Limited Founder and CEO Honey Katiyal said.

Under the survey action, the tax sleuths visit business premises of the trader/operator and make analysis of the available stock and record it, whereas under search operations both residential and business premises are visited by the taxman.

The department, since last week, had detected unexplained cash and sales worth Rs 100 crore in a similar crackdown by traders, jewellers and other operators while converting demonetised currency notes.

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  1. J
    Jiho Junket
    Nov 16, 2016 at 8:05 pm
    So you want 50 years davings in cash in one day?
    Reply
  2. N
    Navan
    Nov 16, 2016 at 6:38 pm
    The mega thieves, robbers, and criminals of the mega Corrupt Party, headed by Italian Madam, are big losers. That is why they are opposing government move against black money.
    Reply
  3. A
    Ahuja
    Nov 16, 2016 at 7:42 pm
    Modi Government did nothing in Adarsh Real estate scam so don't expect anything from them. They are good to go after 99 percent potion which has hard earned saving from 50 years.
    Reply
  4. A
    aks
    Nov 16, 2016 at 6:33 pm
    Modi should also go after the big sharks in the real estate business who are at the centre of black money economy.
    Reply
  5. A
    ashok s
    Nov 16, 2016 at 11:36 pm
    Just show off . the big cronies already have done their clean up. Refer SBI report the info was leaked. Its bharat leak after panama leak
    Reply
  6. S
    surveyit
    Nov 16, 2016 at 6:07 pm
    Gujrati taking on delhi punjabi businesses?lt;br/gt;Funding of gujrat bullet train?
    Reply
  7. D
    dd
    Nov 16, 2016 at 10:10 pm
    Looks like all media tired of reporting Opposition parties...Now they knew the mood of country men....
    Reply
  8. S
    stranger
    Nov 16, 2016 at 11:35 pm
    those who oppose any anti-corruption drive are enemies of the nation and should suffer the fate of high traitors and you know what it is.
    Reply
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