I-T raids conducted on Ahmedabad Realty majors

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Ahmedabad Realty majors were taken by complete surprise on Wednesday, when the I-T department began a search and survey operation on their premises. With a team of over 150 officials the Income Tax department targeted the premises of four real estate groups in the city which they suspected of tax evasion and parking of black money.

These four real estate companies deal in hi-end residential and commercial schemes and have large-scale investments in luxurious farmhouse and golf course plotting schemes on outskirts of the city. An I-T official stated that “Around 30 premises were searched and 30 surveyed in the operation which began on Wednesday afternoon. The real estate magnets have large-scale investments in the city and cater to niche clients.” This operation is expected to go on for over 2 days.
This isn’t the first time that the I-T department has targeted the real estate sector in the city. Last year the department has recovered a whopping Rs 575 crore of black money from real estate groups in the state.