AHMEDABAD: The ongoing search by the income tax (IT) department for real estate groups from the city continued on the third day. The officials remained tight-lipped about the seizures made in the case so far as it is likely that the bank accounts and locker details will be verified, sources said. The search began on Tuesday at more than 30 locations in the city, including corporate offices and homes of key people in two groups, sources said. The search, according to sources, was conducted after the decoy sent by the department confirmed that the builders were taking part of the real estate payment in cash.
The searches included corporate offices, construction sites, suppliers and homes of key officials and promoters. According to sources, over a hundred IT officials took part in the operation.”The builders have several schemes around SG Road and beyond and they were under surveillance since Diwali. In initial details, the sleuths have unearthed transactions worth crores,” sources said, adding that the search began early on Tuesday morning and continued till late evening. The department also sought police protection.
While the officials remained tight-lipped about the seizures from the property, sources said documents, details related to land and projects, and ledgers of sale deeds had been seized. Digital data was also recovered from laptops, mobile phones and hard drives, they added. “Bank details are being sought along with safe deposit box details and other assets of the groups,” sources said.
Sources said the department sent decoys to various schemes as potential customers after which the details of the ratio of recorded to unaccounted amounts on real estate rates were collected. According to sources, it is the second major action against the real estate sector in four months. In a previous operation, the department uncovered tax evasion by another group.
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