Income tax (I-T) officials searched offices of several real estate companies across the country to crackdown on alleged tax evasion. Some developers whose offices were searched included Amrapali, Gardenia and Paras Buildtech.
Executives from the three companies confirmed the development.
“It is a routine activity which happens from time to time. We have nothing to hide. Some of our directors have been questioned,” said Amrapali Director Mukul Sharma.
“I would not like to say anything because the search operation is still going on,” said Ajay Sharma, managing director, Gardenia.
“Paras group is a law abiding company and it was the routine exercise of the I-T officials and at none of the Paras premises has anything been seized in any mode, manner or quantum whatsoever,” a spokesperson at Paras Buildtech said in an e-mailed statement.
According to sources familiar with the development, there are close to 100 premises of real estate developers where the search operations took place. Apart from the National Capital Region (NCR), the I-T department officials also searched offices in Haridwar, Meerut, Dehradun, Lucknow, Kanpur, Mussoorie and Goa. The search is expected to continue tomorrow.
In case of one real estate developer, I-T department officials said they had recovered cash to the tune of Rs 22.38 crore. In case of another builder, jewellery, cash and fixed deposit receipts of Rs 4.17 crore were seized.
Officials said this was seized during preliminary search operations. The searches were conducted because there was a suspicion of undisclosed assets.
