Tag: Ahmedabad real estate

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Income Tax Raids on Ahmedabad Builders Continue Day Three

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,…

Latest StoriesRegulatory

I-T Raids on 30 Ahmedabad Sites Linked to Builders’ Cash Deals

AHMEDABAD: The income tax (I-T) department conducted a search on over 30 locations linked to two builder groups. This action was undertaken after a decoy from the department confirmed that the builders were accepting part of the payment for real estate in cash. The searches included corporate offices, construction sites, suppliers, and homes of key officials and promoters, involving over 100 I-T officials, as per sources. “The builders have multiple schemes around SG Road and beyond, and they have been under surveillance since Diwali. Initial findings indicate transactions worth crores have been uncovered,” sources revealed, noting that the search began…