The Income Tax department seized over 4 crore worth of jewellery and cash after it raided two real estate developers in Ludhiana in Punjab about two weeks back, the CBDT said on Saturday.
The raids were conducted on November 16 and 40 premises of the un-identified groups were covered.
The main finding after the operations against the groups is about the receipt of unaccounted cash on property transactions, the Central Board of Direct Taxes CBDT said in a statement.
Documentary evidence has been taken from local parlance for certain properties in the nature of an agreement to sell known as 'biyana'.
The policy-making body for the tax department said that the 'agreement to sale' for plots has been executed at a higher amount or rate than the consideration disclosed in the registered sale deed of the plot.
It claimed incriminating documents in the form of loose sheets, excel sheets showing receipt of funds for certain property transactions, soft data, chats from mobile phones of the persons concerned, etc. It was recovered.
The probe shows that unaccounted cash expenditure has been incurred on the construction of the residential house of one of the key persons.
In one of the groups, defaults on compliance for the provisions of tax deduction at source have been detected with respect to payments made to the sellers of the land, etc. It said something.
The searches resulted in the seizure of unaccounted cash of about 2 crore besides foreign exchange and unexplained jewellery of about 2.30 crore, the statement said.