A Delhi-based lawyer has surrendered 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 IT department built up a case against him.
Officials added that few more crores of unpaid taxes could also come to the revenue kitty as the department is still scrutinising the documents seized from his premises.
IT 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 IT laws in the case.
The department, as per officials, is in the process of preparing a comprehensive report post the search operations so that the case can be taken to its logical conclusion and demands could be raised, if any.