I-T Dept searches over 25 premises of biz entity in NCR, unearths undisclosed income of over Rs 3,000 crore

The Income Tax (I-T) Department has searched the premises of a group having interests in infrastructure, mining and real estate having an undisclosed income of more than Rs 3,000 crore.

In a release on Monday, the Central Board of Direct Taxes (CBDT) said that more than 25 premises were covered in the searches across the national capital region (NCR).

"Unaccounted assets of Rs 3.75 crore have been seized. 32 bank lockers have also been sealed. The Group has admitted undisclosed income of more than Rs 3,000 crore and agreed to pay the tax on the same," said the CBDT in the release.

It said that the Group also did not pay taxes on several property transactions.

"Search action led to the recovery of unaccounted assets and incriminating documents. Cash ledgers containing details of unaccounted cash receipts of more than Rs 250 crore have also been found and seized," added the release.