NAGPUR: The Income Tax Department is probing unreported real estate transactions valued over Rs 5,500 crore, originating from the property registrar’s offices. The investigation began at the Hingna sub-registrar’s office (SRO) and has now expanded to four additional SROs in Nagpur city.
According to the Intelligence and Criminal Investigation (IC) wing of the I-T department, it was discovered that a single SRO had reported deals amounting to Rs 2,500 crore that were missing from the Statement of Financial Transactions (SFT). When combined with other SROs under investigation, the total now surpasses Rs 5,500 crore.
Sources indicate that this case has highlighted a significant flaw in the reporting system. Transactions exceeding Rs 30 lakh must be submitted under the SFT to the I-T department. Chartered accountants are engaged by SROs to compile the necessary data for this reporting. Although some CAs might not have submitted complete information, ultimate responsibility lies with the registrar office.
The I-T department aims to ensure that any previously unreported data is submitted under the SFT. Future actions may be taken against individuals involved in these transactions should discrepancies be detected.
The purpose of collecting SFT data is to provide the I-T department with comprehensive information on transactions. If individuals fail to disclose this information in their tax returns, the discrepancies can still be identified through SFT records.
