State-Wide Income Tax Searches Target Builder Group for Suspected Tax Evasion
In a significant move against alleged tax evasion, more than 170 Income Tax (I-T) officials carried out synchronized searches on Friday. These searches spanned 34 locations connected to a major builder group in Gujarat. Among these, Ahmedabad alone accounted for 25 sites, while others included Gandhinagar, Mehsana, and Morbi.
Key Developments
Targeted Projects:
The builder group faces accusations of tax evasion linked to projects in Vaishnodevi Circle, SP Ring Road, and SG Road in Ahmedabad.
Silent Partners:
The group reportedly involves silent partners, including paper mill owners and politically connected individuals. These partners allegedly contribute financially without exercising operational control.
Scope of Investigation:
The ongoing probe focuses on inter-group transactions, undisclosed financial dealings, and suspected unaccounted income. Investigators are also reviewing documents, valuables, and financial records.
Current Progress
While officials have withheld the names of individuals involved and the value of assets seized, they shared key updates:
- The operation is expected to last 2–3 more days.
- Investigators anticipate uncovering the group’s tax evasion methods and the full extent of their activities.
Implications
This crackdown highlights the I-T department’s resolve to tackle real estate-related tax evasion. It also serves as a warning to businesses and investors engaging in undisclosed financial practices.
Further details will emerge as the investigation progresses.
