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Realty Biggies under lens of ED
| January 2, 2007 |  (Be the first to rate this story!) Loading ... |
Indian real estate sector, which has been enjoying making millions over the last few years, has now come under the lens of Enforcement Directorate (ED), which is all set to lay its dragnet to trap defaulters among realty biggies under the Prevention of Money Laundering Act (PMLA).
The investigation agency holds the full authority to inspect public servants charged with amassing money and concealing it. ED is working with the income tax department on all alleged payoff cases.
I-T searches have come up with disclosures of concealed amount of over Rs 200 crore in addition to payoffs of over Rs 300 crore to some politicians. A number of disclosure cases have come before in which the property developers were let off by paying normal tax on the concealed amount. This leniency on the part of the concerned authority has encouraged the builders to overlook the rule.
Under Section 271 (1) C of the I-T Act, the department holds powers to charge a penalty of 100%-300% on all such disclosures where the procedure is not revealed and the source of funds is not substantiated.
News Published Under: Real Estate India, Real Estate Developers |
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