No specific instance of terror funds into realty sector

The government said there no information available as regards distortion of real estate due to presence of terror-funds or black money in the real estate sector

New Delhi: The Indian government on Friday said 'no specific instance' of flow of terror funds into the real estate sector has come to its notice, reports PTI.

"As per the current assessment of revenue intelligence agencies...no specific instance of flow of terror funds into the real estate sector has been found," Minister of State for Finance SS Palanimanickam said in a written reply in the Lok Sabha.

However, he said, "investigations by the Income Tax Department reveal unaccounted or undisclosed income or assets in various sectors of the economy, including real estate." 

The intelligence agencies, which carried out the assessment, include Investigation Directorates of Central Board of Direct Taxes (CBDT), Directorate of Revenue Intelligence, Directorate General of Central Excise Intelligence and Directorate of Enforcement.

To another query, the minister said there no information was available as regards distortion of real estate due to presence of terror-funds or black money in the real estate sector.

Palanimanickam further said the I-T Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion.

These include scrutiny of tax returns; surveys, search and seizure actions; imposition of penalty; and launching of prosecution in appropriate cases, he said.

The Minister said information technology is used in a "systematic" way for collection and collation of information to take anti-evasion action against tax evaders.

The investigation wing of the CBDT probes cases whenever any credible information about evasion of direct taxes is received.

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No specific instance of terror funds into realty sector

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COMMENTS

chandra shekhar

5 years ago

* how can you be so SURE that, there are 'no-traces' of any specific instances of 'terror-funds' into Realty-Sector ...?

reg.,
Chandra

L&T wins construction orders worth Rs 2,600 crore

L&T Construction's Building & Factories IC has won new orders valued Rs2,592 crore for construction of residential buildings, hospital building and other institutional buildings in major cities

New Delhi: Larsen & Toubro Ltd (L&T) on Friday said it has won new orders, worth Rs2,592 crore in the first quarter of this fiscal in various segments, including commercial and residential buildings, reports PTI.

"L&T Construction's Building & Factories IC has won new orders valued Rs2,592 crore during the first quarter of 2012-13," the company said in a filing to BSE.

In the residential buildings category, the company won orders from leading developers for construction of multi-storey residential towers in Bangalore and Gurgaon, it added.

"The commercial buildings segment has secured orders...for the construction of a mixed use development, hospital building and other institutional buildings in major cities," the statement said.

The company further said that it also received orders from leading automobile firms for construction of factories.

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COMMENTS

anantha ramdas

5 years ago

As a shareholder of L & T I keep a close watch on the various developments that take place and which are reported in the press. This includes a statement Chairman A M Naik made four years ago that the Board members are planning to create wealth and share value for the investors by spinning off various units of the group operations into seprate and independent units. This has not happened so far, though there is hint from time to time about decentralization by spin-offs. When are you going to keep your assurance made several years ago in a press conference? Even for the L&F Finance IPO was issued and share holders are disappointed.

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