India News | IT Department Conducts Searches in Leading Media House in Ahmedabad

Ahmedabad (Gujarat) [India], September 10 (ANI): The Income Tax Department carried out a search and seizure operation at the premises of a leading media house in Ahmedabad on Wednesday.

The group is among one of the prominent business houses of Gujarat engaged primarily in the media and real estate sectors. The media arm of the group comprises electronics, digital as well as print media while the real estate arm comprises of affordable housing projects and urban civic infrastructure. More than 20 premises were covered in the operation, said the Central Board of Direct Taxes (CBDT) statement.

Also Read | Uttar Pradesh Shocker: Man Throws Acid on Wife Over Suspect of Extramarital Affair in Kundraghat.

During the search operation, a large number of incriminating documents, loose sheets, digital evidence etc. have been seized, containing detailed records of the group's unaccounted transactions, spread across multiple financial years.

"The majority of these evidences indicate huge unaccounted cash receipts in excess of Rs 500 crore on the sale of Transferable Development Right (TDR) certificates. Evidence of on-money transactions in real estate projects and land deals, in excess of Rs 350 crore have also been found along with corroborative documents. Incriminating evidences of unaccounted cash-based loan and interest payments/repayments worth more than Rs 150 crore have also been found," reads the CBDT statement.

Also Read | NTPC Starts Weekly Safety Awareness, Skill Development Training Sessions as Part of Azadi Ka Amrit Mahotsav.

It added that substantial incriminating evidences of unaccounted cash expenses, cash advances received and interest paid in cash has also been unearthed. So far, cash of more than Rs 1 crore and jewellery amounting to Rs 2.70 crore have also been seized from different premises.

A large number of original documents of properties of the group acquired over the years and held in the names of several dummy individuals and cooperative housing societies have also been found, CBDT said.

According to CBDT, the search operation has resulted in the detection of unaccounted transactions in excess of Rs 1000 crore spread over various assessment years so far. 14 lockers have also been found during the course of the search operation which has been put under restraint orders.

The search operation is still continuing and further investigations are in progress. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)