IT conducts searches at real estate group’s 20 premises
The income tax (I-T) department’s investigation wing carried out search and survey operations in the premises of city’s renowned real estate group and those of its chartered accountant and partners on Tuesday.
Following information on large-scale tax evasion by the group, the I-T department carried out search and survey operations at about 20 premises owned by it in Vesu, Piplod, Adajan, Jehangirpura and Ring Road textile markets here. About 196 IT personnel and 70 police personnel have been deployed in the operation. I-T sleuths are believed to have seized documents, bank lockers and cash from the offices and residences of the real estate group’s owners and its partners.
The real estate group had declared Rs 60 crore under the income disclosure scheme (IDS) of central government earlier.
The real estate group is into construction of commercial and residential properties in and around the Diamond City. The group has constructed some of the city’s high-end apartments and commercial structures, including a textile market.
I-T officials recovered Rs11 lakh in cash from the residence of one of the group’s partners, sources said. Also, around 15 premises of brokers,website operators dealing in crypto currencies and groups of beneficiaries who have earned huge profit in recent period and not paid commensurate taxes or filed income tax returns (ITRs), have also been covered in search and seizure action in Surat. Teams are searching for incriminating data as well as evidences of unaccounted assets amd examining the data related to crypto currencies.