In a survey, the Income Tax Department has detected additional income of Rs 951.4 million from leading builder and developer in Jaipur. The assessee not only admitted the said additional income but also furnished the post dated cheques of Rs 392.1 million towards his additional tax liability, it added.
“Surprisingly no advance tax installment was paid by the said assessee in June, 2013. Incriminating documents were impounded during the survey evidencing unaccounted receipts on sale of flats/offices, unaccounted payments for purchase of flats, development expenses and other unaccounted cash transactions,” IT Dept said.
IT Dept has also carried three other survey actions at Jaipur against persons engaged in the real estate business resulted in further disclosure of additional income of Rs 230 million. In these cases also, the assesses have given post dated cheques for income tax payments towards their admitted tax liability, it said.