Major Income Tax raid attack on three Real Estate Groups
The Gujarat Income Tax Department conducted massive search operations on three real estate groups, and more than eight institutions were brought under the ambit of investigation.
According to the sources, approximately 150 Income Tax officers along with personnel from Ahmedabad and other centres in Gujarat investigated the commercial and residential premises of the three entities.
More than 25 properties are under investigation and searches will continue on Saturday also.
Among the three builders, one had spent a good amount on a religious event held in the city.
Other companies linked to the primary groups are believed to have conducted transactions abroad, including companies in the US and UK. There is a suspicion that these transactions may be linked to Hawala. The investigation is ongoing.
On Friday, jewellery, bogus documents, transaction notes, property documents, and digital evidence were seized from the premises raided.
Builders have made several deals in the last few years in areas like Science City, Ognaj, and Gota and have land banks. Tax evasion was possibly done through cross-transactions and undervaluation of assets.
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