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A senior I-T official had posed as a customer while visiting a Bopal site; Pics: nilkanth dave
The Investigation Wing of the Income Tax department on Thursday carried out search operations at a total of 25 premises belonging to three construction groups in the city.
Searches were conducted at the Shilp, Shivalik and Sharda groups by 50 officers and 100 personnel of the investigation wing. More than 70 cops accompanied the tax sleuths.
On the first day, the I-T teams found Rs 1 crore in cash and located 20 lockers which were sealed. Sources said tax evasion worth Rs 500 crore seems to have been committed. Of the premises searched on Thursday, 20 were residences and 5 were offices of these companies.
Sources said the groups readily sold properties by accepting only 10% of the payment by cheque and the rest in cash, which makes a case for large scale tax evasion.
Shilp, Shivalik and Sharda groups are connected with each other and many of their projects are joint ventures.
After Diwali, the taxmen…
