Goa: I-T dept conducts searches on 2 business groups, undisclosed assets worth Rs 4.39 crore seized

The Income Tax Department (I-T) has carried out a search operation at six premises of two business groups allegedly involved in the sale-purchase of hotel resort at Goa and seized undisclosed assets worth Rs 4.39 crore.

"The Income Tax Department carried out a search operation on October 10, 2019, covering six premises of two groups involved in the sale-purchase of hotel resort at Goa. One of the groups covered currently owns a large property at Goa on which a 5-star resort project is being built," said a release from official spokesperson of CBDT, Surabhi Ahluwalia.

"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," it further reads.

The department has concluded the search operations.

"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," read the release.