Mumbai: On Friday, raids have been conducted on 40 premises of a Mumbai based real estate firm and claimed to have detected tax evasion worth Rs 700 crores.
The CBDT, Central Board Of Direct Taxes, that frames a policy for the tax department, issued a statement saying the operation was conducted on July 29 on a “prominent group involved in real estate development” and its premises in Mumbai and Pune were searched.
Officially CBDT has not disclosed the name of the group, according to sources it is the Hubtown group.
During the course of search operations, the statement said, “The search action has unravelled peculiar transactions wherein by way of accounting jugglery, income on transactions worth about Rs 525 crore has been evaded.”
Moreover, the use of entry providers and hawala operators by the promoters of the real estate group have been affirmed during the search action, it said.