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It Sleuths Recover Over 314 Cr From M3M Developer's Office

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It Sleuths Recover Over 314 Cr From M3M Developer's Office

Last updated: August 21 2011
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  • It Sleuths Recover Over 314 Cr From M3M Developer's Office

    M3M Developers Offices Raided By Income Tax Sleuths - Over 314 Crore of Unaccounted Income Found

    By ugesh sarkar, Section Gurgaon Real Estate Property
    Posted on Sat Aug 20, 2011 at 12:10:48 AM EST
    Raids by income tax sleuths on the offices of a prominent Gurgaon-based realty firm recently yielded Rs 314 crore unaccounted income. This is one of the highest seizures in the region, said I-T officials. According to officials, searches, conducted this month, led to the seizure of documents which revealed many unaccounted transactions for purchase of land and other business activities by M3M India Ltd.


    M3M India Holdings, a sister company of the M3M Group, sold 8 lakh shares of another firm of the same group RS Infrastructure Pvt Ltd for Rs 526 crore to Lowe Realty Pvt Ltd, a group concern of Religare, Mumbai.

    M3M India Holding has Basant Bansal, Roop Bansal, Abha Bansal and Punkaj Bansal as partners. The company had 8 lakh shares of RS Infrastructure Pvt Ltd, which also had about 18 acres of land in Golf Course Extension Road, Gurgaon with commercial CLU (change in land use) certificate.

    The documents showed that M3M India Holdings had already handed over 4,88,000 shares to Lowe Realty Pvt Ltd at Rs 6,575 per share and had received part payment of Rs 240 crore in the current fiscal. The amount was a part of the total transaction of Rs 320 crore and, therefore, was liable to capital gains tax in financial year 2011-12.
    During the search it was found out that the assessee, M3M India Holdings, had manipulated its accounts such that the amount was not shown as income in the current fiscal.

    While Rs 314 crore had been surrendered, more unaccounted income was likely to be detected on the completion of the case in a fortnight's time, said YR Saini, director, Directorate of Income Tax (investigation).

    Apart from the revenue intelligence gathering, a lavish function organised on an island in Turkey by one of the company officials for her daughter's wedding proved to be a major lead for the I-T sleuths.

    A huge expenditure was incurred on the marriage.
    Source: Hindustan Times By Rajesh Moudgil M3M Developers Offices Raided By Income Tax Sleuths - Over 314 Crore of Unaccounted Income Found
  • #2

    #2

    Re : It Sleuths Recover Over 314 Cr From M3M Developer's Office

    cautious_guy Bhai, news has been already posted, yesterday .

    Request, avoid duplicity of posts .
    Please read IREF rules | FAQ's

    Comment

    • #3

      #3

      Re : It Sleuths Recover Over 314 Cr From M3M Developer's Office

      Hammam main saare developer nange.....le lo RTM aur naha lo gange

      Comment

      • #4

        #4

        Re : It Sleuths Recover Over 314 Cr From M3M Developer's Office

        Another one bites the dust

        Originally posted by amit001 View Post
        Hammam main saare developer nange.....le lo RTM aur naha lo gange
        Kaviraj Amit
        Pranam

        Kya tuk bandi hai.. gazab hai...kamal hai.. wah wah..wah wah.. 630 cr wah wah..+ 314 cr wah wah... signature tower jitni lambi wah wah.. SPR jitni wah wah... NPR jitni wah wah..

        Khush to bahut lag rahe ho??

        Cheers

        Comment

        • #5

          #5

          Re : It Sleuths Recover Over 314 Cr From M3M Developer's Office

          Originally posted by BlessU View Post


          Kaviraj Amit
          Pranam

          Kya tuk bandi hai.. gazab hai...kamal hai.. wah wah..wah wah.. 630 cr wah wah..+ 314 cr wah wah... signature tower jitni lambi wah wah.. SPR jitni wah wah... NPR jitni wah wah..

          Khush to bahut lag rahe ho??

          Cheers
          Bhai andar ki baat kya hai, hame bhi batao...
          "Don't let the noise of others' opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition."

          Comment

          • #6

            #6

            Re : It Sleuths Recover Over 314 Cr From M3M Developer's Office

            Andar ki baat

            Originally posted by rs2507 View Post
            Bhai andar ki baat kya hai, hame bhi batao...
            Hi
            Greetings

            Sweets from Turkey did not reach the boss.. so has to face repercussions.

            Cheers
            Last edited August 21 2011, 10:40 PM.

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            • #7

              #7

              Re : It Sleuths Recover Over 314 Cr From M3M Developer's Office

              Originally posted by BlessU View Post
              Hi
              Greetings

              Sweets from Turkey did not reach the boss.. so has to face repurcussions.

              Cheers
              Bhaisahab,
              Vaise shadi vagarah ke baad visitor log bakshish lene to aate hi hain...
              "Don't let the noise of others' opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition."

              Comment

              • #8

                #8

                Re : It Sleuths Recover Over 314 Cr From M3M Developer's Office

                last few skeletons from the cuboid of DLF, M3M, Emaar, Unitech

                Has blurred the perceived riskiness among all developers...all are now as risky as other....

                Comment

                • #9

                  #9

                  Re : It Sleuths Recover Over 314 Cr From M3M Developer's Office

                  Lesser of the evil

                  Originally posted by amit001 View Post
                  last few skeletons from the cuboid of DLF, M3M, Emaar, Unitech

                  Has blurred the perceived riskiness among all developers...all are now as risky as other....
                  Hi Amit
                  Greetings

                  Thats what I mean when I say
                  "BAD BECOMES GOOD WHEN WORSE HAPPENS"

                  its a game of choosing lesser of the evil

                  Cheers

                  Comment

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