Quick Summary
Income Tax Department carried out search and seizure operations on two leading real estate groups of Bengaluru and Hyderabad, engaged in the business of construction/sale/leasing of commercial/residential space, and educational and hospitality services. The search action covered more than 40 premises located in Bengaluru, Hyderabad and Chennai. During the course of the search operations, several incriminating documents and digital evidences have been seized. The preliminary analysis of seized
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FAQ :
The Income Tax Department conducted searches on two leading real estate groups based in Bengaluru and Hyderabad.
The search action covered more than 40 premises located in Bengaluru, Hyderabad, and Chennai.
The department found undisclosed capital gains of over Rs 400 crore, suppressed income of Rs 90 crore, and inflated expenses of Rs 28 crore due to bogus purchases and over-invoicing. Diversion of funds and issues with trust utilisation were also noted.
Undisclosed cash of Rs 3.50 crore and gold, silver, and jewellery worth Rs 18.50 crore were seized, totalling Rs 22 crore.
These groups are engaged in the business of construction, sale, and leasing of commercial and residential space, as well as educational and hospitality services.
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