The Income Tax Department on Thursday conducted search and survey operations against various mid-sized real estate players in Mumbai, CNBC reported citing sources.
According to CNBC, investigations are underway for alleged unaccounted income.
This is not the first time Income Tax Department has conducted searches on real estate developers. Earlier in March, the Income Tax Department claimed to have detected tax evasion of about Rs 700 crore after it raided two real estate developers based in Hyderabad.
Cash amounting to Rs 11.88 crore and jewellery worth Rs 1.93 crore were also seized during the action against the groups based in and around Yadagirigutta, a suburb of Telangana's capital city, the Central Board of Direct Taxes (CBDT) said.
Earlier this month, the Income Tax department in Gujarat launched a search and seizure operation at the premises of media and real estate company Sambhaav Group and two brokers associated with the firm.
A team of 100 I-T officials initiated the search and seizure operation at 20 premises, including residences of key people associated with the real estate arm of Sambhaav Group and two real estate brokers.
Sambhaav Group, which is also in the media and publishing business, runs a Gujarati news channel, but the operation is restricted to the company's real estate business.
As per the company's website, its real estate arm - Nila Infrastructure Ltd - is the "flagship unit of the Sambhaav Group of Companies".
(With inputs from PTI)
