The searches were carried out under the supervision of the Directorate of Income Tax , Investigation Unit in Mumbai.
Suspecting tax evasion by real estate giant Indiabulls, the Income Tax Department Wednesday carried out raids at 20 premises of the company in Mumbai and New Delhi, in an operation involving nearly 1,000 I-T officers.
The raids were carried out at the offices of Indiabulls Housing Finance, Indiabulls Ventures and Indiabulls Real Estate.
“Maximum officers were roped in to conduct searches at the company’s Mumbai office at Indiabulls Finance Centre in Elphinstone. Documents and hard discs have been seized,” a senior official told . “The seized documents would be studied for unaccounted money as we suspect that they are not making the rightful declaration. These papers could help unearth unaccounted cash,” the official said.
Last time, Indiabulls ran into controversy when the Maharashtra Anti-Corruption Bureau (ACB) probed the sponsorship by one of its group companies, Indiabulls Realtech Ltd, to arrested NCP leader Chhagan Bhujbal’s Public Welfare Foundation Trust for organising the Nashik Festival.
Credit : http://indianexpress.com/