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HomeNewsReal EstateI-T search on 20 premises of five builders

I-T search on 20 premises of five builders

The premises included the builders’ residences, offices as well project sites. Sources said this was the second time one of the builders was raided by the I-T department in five years.

Several teams of income-tax department personnel simultaneously conducted searches on 20 premises belonging to five prominent builders in the city on Thursday morning.The premises included the builders’ residences, offices as well project sites.

Sources said this was the second time one of the builders was raided by the I-T department in five years.A close aide to one of the builders alleged the I-T department’s action was due to the builders’ non-cooperation with one of the politicians. I-T officials, however, could not be reached for their comment on this matter.

As per the preliminary reports, 250 personnel from the I-T offices in Pune, Nanded, Nashik, Nagpur and Chhatrapati Sambhajinagar started the action simultaneously at 20 locations.

An officer from the I-T office in Chhatrapati Sambhajinagar said, “The raids came following allegations of tax evasion by different groups of realtors, builders and developers in the city.” This statement suggests the operation is a part of a broader crack down on tax evasion within the city’s real estate sector.

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