From Our Special Correspondent
Daijiworld Media Network - Bengaluru

Bengaluru, Dec 26: The investigation wing of the Income-tax Department conducted search actions in two groups of real estate developers and mall owners in Bengaluru from December 23 to 26 unearthing of undisclosed income to the tune of Rs 169 crore.

In the first of the cases, it was found that the group has indulged in providing and receiving accommodation entries to reduce the taxable income. They were also found to be in receipt of on money in respect of the property transactions. The disclosure in this cases stands at Rs 143 Crore.

In the second group, where the assessees were found to have hitherto not disclosed income to the extent of Rs 26 Crore and had not accounted for the sales component received in cash, had disguised the personal expenses as business expenses etc.It was also found that they had made unaccounted investments in Gold and jewellery.

In another case, where the Investigation wing had conducted searches in December 2015, prosecution proceedings u/s 276C(2) and 277 of the Income-Tax Act have been launched by the Income-tax Department by filing complaints in the JMFC court at Raichur, on charges of wilful attempt to evade tax and interest and for making false statements.

If found correct, the charges framed attract imprisonment upto 7 years, in addition to levy of fine. The JMFC court, Raichur has fixed the hearing of the case on January 5.

During the search and seizure operations conducted under section 132 of the I-T Act, the Income Tax Department has seized approximately Rs.20 Crore in cash along with incriminating documents. Unaccounted income of more than Rs.500 crore was unearthed in the said group cases.

In the meanwhile, the assessee has filed an anticipatory bail application before the Principal District Court, Raichur last week, and is likely to be taken up for hearing this week, says an official press release from the Income Tax Department.