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 premise
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
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.
CAclubindia
