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From The Hindu, July 10, 1975: Special IT squads to study posh houses

From The Hindu, July 10, 1975: Special IT squads to study posh houses

The Hindu3 days ago
New Delhi, July 9: Special income tax squads have been appointed in the four metropolitan towns of Delhi, Bombay, Calcutta and Madras to check unaccounted money invested in luxury houses. The special squads have been appointed in accordance with the Prime Minister's 20-point economic programme. The special squads will consist of a number of units depending upon the area to be covered in each metropolitan town. To begin with these squads will function in more posh and conspicuous localities where there has been a spurt in the recent past in the construction of luxury houses. The special squads will collect information about the land, its sale price, the plinth area, the number of stories constructed and other details. This will be followed by spot inspection by income-tax officers and executive engineers who will immediately report the variations in the estimated value of the property and the actual value of the property given by the owners. Where the properties are either not disclosed or where the difference in valuation is 15 per cent of the squad valuation or Rs. 25,000, whichever is more, action will be initiated for realisation of income-tax or wealth tax as the case may be, along with arrears and penalties. Each inspection squad and the income-tax authorities concerned have been asked to submit fortnightly reports of the action taken. The appointment of the special squads is in addition to the action initiated by income-tax authorities to discover tax evasion through under-valuation of properties for purposes of sale.

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