Crores of undisclosed income unearthed from co-operative housing societies: I-T department

BANGALORE: The Income Tax (I-T) department today said its Directorate of Investigation has unearthed over Rs 300 crore of undisclosed income from co-operative housing societies during September and October.

"The Directorate of Investigation, Karnataka & Goa has conducted search and seizure operations during September and October 2013 in some co-operative housing societies, leading to unearthing of over Rs 300 crore of undisclosed income in these cases," the department said in a press release.

Investigation in the raid cases are still in progress, it added.

Stating that during investigation, it was noticed that many societies in the same line of activity have neither filed Income Tax returns nor deducted TDS on various payments made to developers, the release said "They have also made substantial cash payments."

The investigation wing in co-ordination with the TDS wing and various field offices of the Income-tax department has embarked on thorough investigation of such societies and is in the process of verifying the tax evasion issues, it said.