The Income Tax Department detected undisclosed income of over Rs 520 crore after it raided "leading" builders based in Maharashtra's Thane district, the Central Board of Direct Taxes said today.
The search and survey operations were carried out on January 12 in the Borivali, Mira Road and Bhayander areas, it said.
Tax officials also seized Rs 10.16 crore "unaccounted" cash during the raids.
"Total unaccounted income of earlier years detected during the search operation is Rs 520.56 crore, including the cash seized," the Central Board of Direct Taxes (CBDT), which is the policy-making body for the tax department, said in a statement.
"The unaccounted income includes on-money on sale of land and flats, accommodation entries of non-genuine unsecured loans routed through certain shell or paper companies, unaccounted cash receipts in the nature of capital introduction or cash loan and unaccounted cash expenses, among others," it said.
The CBDT said that "unrecognised sales revenue" of Rs 514.84 crore for the 2019-20 financial year was also detected and this "has been accepted by the (one of the) group during the search action".
"The group has agreed to pay Self Assessment Tax on the same," it said.
Some lockers found during the searches are yet to be opened, the CBDT said.