The Income Tax Department on Thursday conducted searches at the premises of two groups involved in the sale and purchase of a hotel resort at Goa.
IT officials said that searches were conducted in six premises at various locations.
One of the groups currently owns a large property at Goa on which a five-star resort project is being built. The group is engaged primarily in Hotels & Hospitality, real estate and construction. The buyer, a Delhi-based group of companies is into catering, restaurant and hotel business, an IT officer said, adding assets worth 4.39 cr., including 2.55 cr. in cash, were seized.
The group made a disclosure of a total amount of 124.41 crore representing undisclosed income and also committed to pay taxes immediately, the officer said.