Income Tax Department conducts searches on the business group in Goa

New Delhi/ PIB News: The Income Tax Department carried out a search operation on 10th October 2019 covering six premises of two groups involved in the sale-purchase of hotel resorts 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 the seizure of undisclosed assets of Rs 4.39 crore comprising undisclosed cash of Rs 2.55 crore and jewelry/valuables worth Rs 1.84 crore. The group made a disclosure of a total amount of Rs 124.41 crore representing undisclosed income and also committed to paying taxes immediately.