Income Tax Department Launches State-Wide Searches on Builder Group for Suspected Tax Evasion

Last updated: 03 December 2024

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The Income Tax Department has launched a large-scale operation across Gujarat, with around 170 officials searching 34 properties linked to a major real estate developer. The probe focuses on a Mehsana-based group suspected of tax evasion through unaccounted transactions with silent partners, some of whom reportedly have political connections. The searches, which began on Friday morning, are expected to continue for several days as investigators look for evidence of financial irregularities.

In a coordinated operation, multiple teams comprising around 170 Income Tax (I-T) officials launched extensive searches on three interconnected real estate firms on Friday morning. The operation targeted 34 residential and commercial premises across Gujarat, with Ahmedabad accounting for 25 location

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FAQ :

The Income Tax Department is investigating a Gujarat-based builder group for suspected large-scale tax evasion through unaccounted transactions with silent partners.

Approximately 34 residential and commercial premises across Gujarat are being searched.

The searches are taking place across Gujarat, with a significant focus on Ahmedabad (25 locations), Gandhinagar, Mehsana, and Morbi.

The main target is a prominent Mehsana-based real estate developer group with projects on Vaishnodevi Circle, SP Ring Road, and SG Road.

Sources suggest that some of the silent partners or investors in the developer group may have political ties.

Officials indicated that the searches could extend over the next 2-3 days.

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CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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Income Tax Department Launches State-Wide Searches on Builder Group for Suspected Tax Evasion