Ranchi, July 17: The Income Tax Department has reportedly uncovered evidence of more than ₹50 crore in undisclosed income during its ongoing survey at the premises of Panas Realtors and the Dayanand Modi Group in Ranchi.
The survey entered its second consecutive day as officials intensified scrutiny of financial records, property transactions, and digital data.
According to sources, investigators have seized several documents that allegedly indicate irregularities in land and plot transactions.
Preliminary findings suggest that some property deals may have been executed without proper documentation, raising suspicions of tax evasion and large-scale unaccounted financial transactions.
Officials are examining records related to seven real estate projects associated with the two business groups.
The investigation is focused on identifying instances of concealed income, underreported property values, and cash transactions that may have violated tax regulations.
To strengthen the probe, the Income Tax Department has brought in a forensic team from Kolkata to examine digital evidence.
The team is analysing seized electronic devices, recovering deleted data, and reviewing digital communications, including chat records, to identify additional financial irregularities.
The investigation has also revealed that several plot buyers allegedly paid a substantial portion of the purchase amount in cash.
Income Tax officials are expected to question these buyers to verify the source of the funds and determine whether the transactions were properly disclosed in tax filings.
Authorities believe further analysis of the seized documents and digital evidence could reveal additional instances of tax evasion.
The survey is expected to continue for the next few days as officials complete verification of financial records and assess the full extent of the alleged undisclosed income.
The Income Tax Department has not yet issued an official statement on the findings.
The investigation remains ongoing, and any conclusions regarding tax liability or legal action will be determined after the completion of the inquiry.
