AHMEDABAD: The income tax (I-T) department’s ongoing search of real estate groups in the city is now entering its third day. Officials have not disclosed any details about the seizures made, as they are in the process of verifying bank account and locker information, according to sources.
On Tuesday, searches commenced at over 30 locations throughout the city, including corporate offices and the homes of key individuals from two groups. These operations were prompted by a decoy sent by the department that confirmed builders were accepting part of the payment for real estate in cash.
The searches included corporate offices, construction sites, suppliers, and residences of key officials and promoters, involving over 100 I-T officials, say sources.
“The builders have various projects around SG Road and were under observation since Diwali. Preliminary findings indicate transactions worth crores,” said the sources, noting that the search began early Tuesday and continued into the evening. Police protection was also requested by the department.
While officials haven’t revealed specifics about the seizures, sources indicate that documents, project-related land details, and sales deed ledgers were confiscated. Additionally, data was retrieved from laptops, mobile phones, and hard drives. “The department is also looking into bank details, locker information, and other assets held by these groups,” they added.
Sources report that the department dispatched decoys to various projects posing as potential buyers, following which they gathered information on the ratio of accounted to unaccounted funds in property transactions. This marks the second significant action taken against the real estate sector in just four months, after an earlier operation uncovered tax evasion by another group.
