In a sweeping operation, the Income Tax department raided 40 locations associated with four builders in Delhi and Noida. Over 400 IT officers are conducting extensive searches, uncovering alleged tax evasion by these builders. The builders, including Bhutani Infra, Group 108, Advant, and Logix, are under scrutiny for large-scale financial irregularities, particularly through cash transactions related to the sale of commercial spaces in Noida. The Income Tax department initiated searches at 37 locations on Thursday in Noida, Delhi, and Faridabad, with the number rising to 40 on Friday.
So far, the searches have led to the seizure of substantial amounts of cash and documents related to transactions amounting to crores of rupees from the builders’ premises. The investigation is expected to be prolonged, given the complexity of the financial dealings. Documents suggest an intricate agreement between Bhutani Group and Logix Group for the sale of commercial spaces, implicating all parties involved. The operation involves more than 400 officers and officials from the Income Tax department, with searches ongoing at 21 locations in Noida, 18 in Delhi, and one in Faridabad.
Media reports indicate that the raids focus on the alleged tax evasion game orchestrated by the builders, where cash transactions were used under the pretext of selling commercial spaces. The investigation has already revealed the seizure of significant cash and documents showcasing transactions amounting to crores. The meticulous operation reveals the extent of financial impropriety in the real estate sector, particularly in commercial plot sales.
The alleged involvement of Bhutani Group, Logix Group, and others in illicit financial transactions raises concerns about the prevalence of black money in the real estate sector. The ongoing searches aim to uncover the full extent of the financial irregularities and bring those responsible to justice. The intricate web of financial dealings is being meticulously unraveled by the dedicated team of over 400 IT officials through raids, emphasizing the government’s commitment to combating tax evasion and promoting transparency in financial transactions.
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