Track2Realty-Agencies: The Income Tax (I-T) department has raided on 45 premises of Indore-based 10 real estate firms on Saturday, Sep 22. A team of 300 officials conducted the operations and recovered Rs 2 crore in cash and sealed 15 lockers of nine realtors. The raids are expected to continue on Sunday as well.
Local media quoted the department spokesperson saying that a host of irregularities have come to the fore during the raid so far. At DB, it was found that the land plots were shown to be acquired at discounted rates thus evading huge amount of tax.
At Silver Spring, which is said to have considerable amount of FDI, it was found that a plot measuring over 400 acre was acquired in an area close to its project in the city and was being sold as plots at existing market rates.
A number of bogus entries were found during the raid. In case of Sakar, stamp duty had been duly paid by the company as per rule. However, its registry was done at a much lower price.
Some of the other builders on whose premises the search was under way include Apollo, Garha, NRK, Pumarth, Moha Chug, Mamsukhani, Royal and Bhandari. Pumarth’s Mumbai office is also being investigated, the spokesperson was quoted.
