It was found that the realtors evaded taxes by showing only 40% of their dealings.
After getting a tip-off about huge tax evasion, a contingent of 130 officials from Income Tax department on Wednesday launched a massive search and seizure operation at the offices of some leading city-based realtors and a paper mil owner.
The operation covered some well-known names like Soumya Construction, Radhe Group and Jaldhara.
According to I-T sources, focus of the operation was Soumya Group, though other groups such as Radhe and Jaldhara were also targeted. Officials searched Soumya owner Chintan Parekh's house at Chitrakot Bungalow, CG Road, and his office near Sardar Patel Seva Samaj near Mithakhali six-roads.
Besides, searches took place at Radhe owner Ashish Patel's office at Sardar Patel Society, Usmanpura and his office behind City Gold cinema, and Jaldhara owner Shailesh Mistry's house at Bopal.
However, I-T officials did not disclose the unaccounted assets or seizure of valuables, though sources said that it could be one of the major operations in recent years.
They said that a total of 34 premises located in Ahmedabad, Mumbai and Delhi have been covered under the search operation. During the operation, a huge amount of undisclosed assets and other valuables, lockers, and documents showing unaccounted transactions by the groups were seized.
Sources said that during search at Soumya Constructions, it was found that the group has connections with Radhe and Jaldhara. They said that while Soumya is involved in land dealings, Radhe and Jaldhara do construction business with financial help provided by a group whose identity was not known.
The searches started after I-T officials got a tip-off about probable tax evasions. Recently, one of the groups had announced a Rs500 crore project. During the operation, it was found that these realtors evade taxes by showing only 40% of their dealings while the remaining 60% does not have any account or record. It is suspected that several other realtors and financiers might be connected with these groups.
Besides, I-T officials also searched Rainbow Paper Mill's office at Avadesh Building, SG Highway, on Wednesday and seized several documents indicating various unaccounted transactions.
Two days back, I-T officials had searched Tulip and Madhu developers and unearthed Rs25 crore of tax evasion.
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