I-T dept raids Hiranandani Group’s offices over cash deals
Mumbai-based realty major Hiranandani Group was under the scanner of the Income Tax (I-T) department all day today. Sources have told CNBC-TV18 that apart from the Hiranandani residence, the probe was conducted in 20 offices across India including Mumbai, Bangalore, Chennai and Hyderabad.
The raids were triggered as the developer is said to have conducted some real estate transactions in cash while using bogus bills for others. In the process, the officials have seized all the documents relating to companies accounts and deal transactions.
This is the second time the company is undergoing a search. The Central Bureau of Investigation (CBI) officials had raided the company in 2008. The probe then, was against the company for alleged provident fund (PF) evasion of about Rs 168 crore.
I-T officials have said that better clarity on the matter and the total amount under tax evasion will be hopefully known by noon tomorrow.
Read full article: Money Control