I-T To Probe Black Money In Realty Market – Times of India – 30-Nov-2014
December 3, 2014 - Uncategorized
The Central Board of Direct Taxes has ordered an income tax department investigation against a number of real estate developers who were recently shown by an investigative portal to be willing to accept alleged black money in property transactions.
The apex authority of the I-T department has asked its investigation units across the country to furnish to it reports of any action conducted against the groups named by the portal in the past till first fortnight of December and in case such an action has not been done, CBDT has ordered the same to be initiated.
Investigation done by Cobrapost.com included many developers from the national capital region and those from other parts of the country including Mumbai. While releasing the transcripts and video recordings, the portal said executives from these companies were ready to accept anywhere between 10-80%of the property value in black money.