I-T sees black money in Punjab's realty

The controversy over the Ludhiana City Centre issue refuses to die. Now the income tax department is set to look into the details of the sale and purchase of the land at the Ludhiana City Centre.

VDS Balahara, director-general of income tax (Investigation), North-West (consisting of Punjab, Haryana, Himachal Pradesh, Chandigarh and Jammu & Kashmir) said this on his visit to the city today.

He said: "The matter is in our notice and we are on the lookout to see the flow of black money in the entire process and thus all involved will be questioned."

Speaking to Business Standard, Balahara said the real estate sector was booming because it was one sector where one got quick and big returns.

"This sector is one that has major investments and a majority of them are of unaccounted money. Thus, the I-T wing has a special eye on this sector. Since April, we have raided more than seven real estate dealers and colonisers in Patiala, Amritsar, Ludhiana, Chandigarh, Mohali and Panchkula and the colonisers themselves have admitted to having huge amounts of money."

He said in the northwest region of India, from April to September 15, the cash seizure from assessees was Rs 5.62 crore, as against Rs 3.48 crore last year in the same time period.

However, the total seizure (cast, jewellery, kisan vikas patras etc) from April to September 15 this year is Rs 8.29 crore as against Rs 5.19 crore last years for the same time period. Admission on the part of assesses was 52.23 crores.