The Income Tax Department carried out search and survey operations on 12.01.2021 in the cases of leading builders located in Borivali-Mira Road-Bhayander Area of Thane.

The search action has resulted in seizure of unaccounted cash of ₹ 10.16 crore. Total unaccounted income of earlier years detected during the search operation is ₹ 520.56 crore including the cash seized. The unaccounted income inter alia includes on-money on sale of land and flats; accommodation entries of non-genuine unsecured loans routed through certain shell/paper companies; unaccounted cash receipts in the nature of capital introduction/cash loan; unaccounted cash expenses etc.

Further, the unrecognized sales revenue of ₹ 514.84 crore for FY 2019-20 has been accepted by the group during the search action. Accordingly, the group has agreed to pay Self Assessment Tax on the same.

Lockers found during the course of search operation are yet to be operated. Further investigations are in progress.

Unaccounted income uncovered in search operation leads to accepted undisclosed sales revenue and agreement to pay self assessment tax. A search operation on builders in the Borivali-Mira Road-Bhayander area uncovered seized unaccounted cash and evidences of undisclosed income, including on money from property sales, accommodation entries via shell/paper companies, capital introductions and unaccounted expenses. The group accepted previously unrecognised sales revenue for the relevant fiscal year and agreed to pay the related Self Assessment Tax; lockers remain to be accessed and further investigations and assessments are ongoing.