New Delhi: A Delhi-based lawyer has declared unaccounted wealth worth Rs 125 crore to the Income Tax department after searches were carried out against him.
Official sources said taxmen conducted raids against the lawyer, based in a posh south Delhi locality, few days back based on some "actionable" inputs about alleged tax evasion by him and his business entities.
They said the trigger of the case included a high-value transaction done by the lawyer few years back when he purchased a costly bungalow in the Lutyens Zone area in Jor Bagh and had allegedly under-reported the deal following which the I-T department built up a case against him.
I-T sources said the department also found that the lawyer had not disclosed this alleged illegal income under the one-time black money window, also called the Income Declaration Scheme (IDS), that concluded recently and hence the department has decided to slap regular penalties as applicable under regular I-T laws in the case.
Official sources said taxmen conducted raids against the lawyer, based in a posh south Delhi locality, few days back based on some "actionable" inputs about alleged tax evasion by him and his business entities.
They said the trigger of the case included a high-value transaction done by the lawyer few years back when he purchased a costly bungalow in the Lutyens Zone area in Jor Bagh and had allegedly under-reported the deal following which the I-T department built up a case against him.
I-T sources said the department also found that the lawyer had not disclosed this alleged illegal income under the one-time black money window, also called the Income Declaration Scheme (IDS), that concluded recently and hence the department has decided to slap regular penalties as applicable under regular I-T laws in the case.
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