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I-T searches carried out on Ludhiana-based real estate developers
TIWN
I-T searches carried out on Ludhiana-based real estate developers
PHOTO : TIWN

New Delhi, Nov 28 (TIWN) The Income Tax Department has carried out search and seizure operations on two major real estate developers of Ludhiana in Punjab.

“These documents indicate that the ‘agreement to sale’ for plots has been executed at a much higher amount/rate as compared to the consideration disclosed in the registered sale deed of the plot,” it said.  “Further, incriminating documents such as loose sheets, Excel sheets showing calculation of receipt of on-money of certain property transactions, soft data, chats from mobile phones of the persons concerned, etc. have also been recovered.

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