IT dept traps black money of nearly 215 Cr in New Delhi

New Delhi, May 23: Black Money is something which has reached till our India’s roots and our Modi government is in full swing to fight against this issue. Income Tax department is the one which can find out the hidden black money by any means. Likewise, IT Department has unearthed black money of over 215 crores by conducting raids in the National Capital Region.

The department conducted multiple raids over the weekend against two real estate groups in the national capital. They were selling land and farmhouses 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 evidence 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.

This technique was being used by the promoters of the real estate business and their clients for many years to hide their "true income" from the tax department.