KNOWLEDGE ALERTS INSIGHTS TO UPDATE YOU ON MAJOR REGULATORY AMENDMENTS – 19TH MARCH, 2022 TO 25TH MARCH, 2022

The Income Tax Department carried out search & seizure operations on 14.03.2022 in the case of a leading Real Estate Group active in Northern India. The search action covered more than 45 premises in Delhi & NCR, Chandigarh, Ludhiana, Lucknow, and Indore. A large number of incriminating evidences including hard copy documents and digital data have been found & seized during the search. The seized evidences contain unaccounted ‘on-money’ cash receipt data of the group from various customers for more than 10 years. The search action has led to the seizure of unac- counted cash of more than Rs. 25crore and jewellery worth Rs. 5crore. Moreover, 11 lockers have been placed under restraint, and are yet to be operated.