I-T Department Targets Landowners for Tax Evasion

21 Nov 2024 CW Team

The Income Tax (I-T) Department is intensifying its scrutiny of landowners who are found to be evading capital gains tax through joint development agreements (JDAs). As part of a crackdown on tax evasion in the real estate sector, the department is targeting landowners who fail to report their share of capital gains on properties involved in joint development projects.

In a joint development deal, landowners typically contribute their land for development, and in return, they receive a portion of the constructed property or its value. However, many landowners have reportedly avoided declaring the income generated from these agreements, especially the capital gains arising from the sale or transfer of land. This has led to the I-T Department stepping up its efforts to ensure that these transactions are properly reported and taxed.

The department is using various tools to detect such evasion, including data mining, cross-checking property records, and investigating discrepancies in the declarations made by landowners and developers. The scrutiny has been ramped up as the government aims to boost tax collections and curb the growing trend of underreporting income from high-value real estate transactions.

Landowners who are found guilty of evading taxes could face significant penalties, including hefty fines and interest charges on the unpaid tax. The I-T Department's actions serve as a warning to others involved in similar deals to ensure they comply with tax regulations and properly report their earnings from joint development agreements. This crackdown is expected to bring more transparency to the real estate market and contribute to increasing tax revenue for the government.

Infrastructure Urban

04 May 2026

Jyoti Structures FY26 profit rises 56.5%

Jyoti Structures (JSL) recently reported strong financial results for the quarter and year ended 31 March 2026, driven by disciplined execution, cost management and steady progress across its order book.For Q4 FY2025-26, total income rose 44.2 per cent to Rs 2.41 billion from Rs 1.67 billion in Q4 FY2024-25. EBITDA increased 58.6 per cent to Rs 237 million, while EBITDA margin improved by 89 basis points to 9.84 per cent. Profit before tax grew 53.3 per cent to Rs 188.5 million, and net profit rose 51.9 per cent to Rs 181.4 million.For FY2025-26, total income grew 53.1 per cent to Rs 7.72 bill..

Cat BEPU to Power Doppstadt Separator at IFAT 2026

Caterpillar’s Cat Battery Electric Power Unit (BEPU) has been selected by Doppstadt to power its SWS 6 Spiral Shaft Separator, which will be showcased for the first time at IFAT 2026 in Munich, Germany, from 4–7 May.The compact plug-and-play BEPU is designed to replace a diesel engine within the same space, using the same mounting locations and relative machine position. It integrates the battery, motor, inverter, onboard charging, cooling and controls, enabling OEMs to electrify existing chassis platforms without extensive redesign.Caterpillar and Cat dealer Zeppelin Power Systems have be..

VECV sales rise 6.9% in April 2026

VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors, recorded sales of 7,318 units in April 2026, compared to 6,846 units in April 2025, registering 6.9 per cent growth. The total included 7,159 units under the Eicher brand and 159 units under the Volvo brand.Eicher branded trucks and buses reported sales of 7,159 units during the month, up 6.6 per cent from 6,717 units in April 2025. In the domestic commercial vehicle market, Eicher sales rose 8.6 per cent to 6,797 units from 6,257 units a year earlier.Exports declined 21.3 per cent, with VECV recording 362 units in ..