Income tax to investigate TDR dealings in city

PUNE: Close on the heels of conductinga search operation on a transfer of development rights (TDR) dealer in the cityon Wednesday, the income tax (investigation) directorate on Friday said it willinvestigate all substantial TDR dealings in the city."A nexusbetween TDR dealers, builders and even government officials can''t be ruled outentirely," director-general of the directorate SK Sharma told newspersons,adding that much has been talked about an existing TDR racket in the city.During the search operation, the IT sleuths had recovered amassingwealth, including fixed deposit receipts (FDRs) worth over Rs 1.5 crore, andhuge cash deposits in about 100 bank accounts."The person concernedis a land owner-turned TDR dealer with substantial ancestral property in thecity," he said, adding that he has sold TDR of about 12 lakh square foot so far.While the investigations were carried out suo moto, based onnewspaper reports, Sharma said a builder is already being questioned inconnection with the case. "Currently, we are recording his statements," he said,hinting at the possibility of about a dozen other builders involved in theracket, which is estimated to be to the tune of several crore. According to director (investigation), AJ Khan, incriminating documentsseized from the possession of the dealer have revealedthat TDR rates weredeflated. He added that conservative estimates put the concealment/understatement of income at about Rs 10 crore.In yet another action,sleuths of the directorate conducted a search and seizure operation on a leadingophthalmologist of Ahmednagar."Clinching evidence found shows thatthe doctor, who has been doing laser surgeries, has systematically suppressedincome," Sharma said, adding that cash to the tune of Rs 19 lakh and documentsrelated to undisclosed investments in immovable properties including anamusement park spread over 100 acres have been unearthed. Box: In anew initiative, senior officials of all agencies dealing with economic offencesmeet regularly once every month to facilitate sharing of vital information andinvestigation.Sharma said the officials are from the income tax(investigation), excise, customs, Fera, CBI and even the police. "This is astate level initiative where we have formed a regional sub-committee foreconomic intelligence sharing," he said, hoping that the process would speed upinvestigations which were earlier delayed to non co-operation from otheragencies. The committee also has a senior representative from theReserve Bank of India.