Income tax officials seize Rs 4.2 crore unaccounted money from Gobichettipalayam man

COIMBATORE: The investigation wing of the income tax department seized Rs 4.2 crore unaccounted money from a resident of Gobichettipalayam in Erode district on Monday night.
According to IT department sources, the Gobichettipalayam resident sold his two acres of land for Rs 80 lakh (as per the guideline value) to a businessman. The land registration was done on Monday.
As per the market value, the two acres of land is worth around Rs 5 crore. The land buyer gave Rs 4.2 crore to the seller in the afternoon. Later the seller kept the unaccounted amount of Rs 4.2 crore at his residence in Gobichettipalayam.
Investigation Wing officials from Coimbatore and Erode districts got a tip off and conducted surprise search at the house belonged to the land seller. The officials seized the amount from the house on Monday night.
"It was an unaccounted money and the land buyer and seller agreed about the transaction. Both of them are advised to appear before the income tax department for further investigation," said an official.
He also added that the source of the income for the land buyer would be verified thoroughly.