Mumbai: The Income Tax (IT) department conducted searches at several premises belonging to realty firms --Oberoi Realty and Capacite Infrastructure, across two cities for suspected tax evasion through concealment of buyers' identity.
IT sources said that the searches were carried out at 25 premises belonging to the two firms in Mumbai and Delhi. IT authorities are still to come out with any amassment figures, as searches were on till late in the night.
Sources claimed that the department had suspected discrepancies in the sale price of flats as shown in the books and those at the time of registration.
It was also suspected that buyers had indulged in benami purchases in order to conceal their identities as Oberoi Realty deals in the luxury (housing) segment.
Capacite is one of the largest vendor for Oberoi and had reportedly booked Rs 400 crore worth orders for the company. Tuesday’s raids came in the backdrop of a series of searches and seizures conducted by the IT department on a number of realty firms in Mumbai and Pune earlier this month.
As many as 40 premises had been searched by the department, which claimed to have unearthed evidences related to receipt of ‘On Money’, on sale of commercial and residential blocks, bogus unsecured loans taken, bogus long-term capital gains and various other sham transactions to evade income aggregating to about Rs 700 crore.
The search action had also unravelled peculiar transactions wherein by way of accounting jugglery, income on transactions worth about Rs 525 crore has been evaded.
On Money’ receipt on sale of residential/commercial blocks amounting to Rs100 crore had been corroborated during the search, IT claimed.