The Income Tax Department carried out search operation on 10th October 2019 covering six premises of two groups involved in the sale-purchase of hotel resort at Goa.

One of the groups covered currently owns a large property at Goa on which a 5 star resort project is being built. The group is engaged primarily in hotels & hospitality, real estate and construction. The buyer, a Delhi Based group of companies is into catering, restaurant and hotel business.

Search operations have been concluded. The search resulted in  seizure of undisclosed  assets of ₹ 4.39 crore comprising undisclosed cash of ₹ 2.55 crore and jewellery/valuables worth ₹ 1.84 crore.The group made a disclosure of a total amount of ₹ 124.41 crore representing undisclosed income and also committed to pay taxes immediately.

Tax search and seizure uncovers undisclosed assets, prompting disclosure and commitment to immediate tax payment Income-tax authorities conducted coordinated searches on premises of two business groups in Goa linked to a hotel-resort transaction, targeting entities in hotels, hospitality, real estate and catering. The searches resulted in seizure of undisclosed cash and jewellery/valuables and prompted the group to disclose undisclosed income and commit to immediate payment of the related taxes.