Income tax officials on Thursday carried out raids at the offices of two leading builders in Chennai at 25 locations, in and outside Tamil Nadu. They said they detected tax evasion to the tune of Rs 22 crore. Special teams raided the office and residential premises of Jain Builders and VGN Homes and seized several documents and Rs 1.5 crore of unaccounted cash, officials said. “We have got evidence of tax evasion to the tune of Rs 22 crore by these two groups,” a senior income tax official said.
The raids were carried out in the residential and business premises of these two groups in Chennai, Coimbatore, Vellore, Hyderabad, Bangalore, Kochi, Ajmer and Pali in Rajasthan. More than 200 officials were deployed in the search, seizure and survey operations. Sources said the income tax investigation department received information of alleged tax evation and it carried out the raids till late in the evening. Several bank lockers of the two companies were sealed. A detailed examination of the lockers will be carried out in the coming days.
Officials said several undisclosed payments and receipts for purchase of lands, buildings and flats were found in the office premises of the real estate promoters. Officials have also seized jewellery and other assets. Officials said that the actual size of tax evasion and unaccounted transaction could be evaluated only after scrutiny of the seized documents.
Ref:http://www.indianrealtynews.com/real-estate-india/chennai/i-t-raids-offices-of-chennai%e2%80%99s-leading-builders.html
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