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I-T Conducts Searches On Real Estate Business Group In Goa

Loknath Das October 14, 2019 Real Estate Comments Off on I-T Conducts Searches On Real Estate Business Group In Goa
I-T Conducts Searches On Real Estate  Business Group In Goa

GOA:

The Income Tax Department carried out a search operation on Thursday covering six premises of two groups involved in the sale-purchase of hotel resorts at Goa.

One of the groups covered 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 search resulted in the 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 paying taxes immediately”, said the authority in the release.

Authority did not disclose the name of the groups.

[“source=accommodationtimes”]

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