I-T dept searches premises of Kalpataru Group

The Income Tax department has conducted searches at multiple locations linked to the Kalpataru Group of Companies, suspecting tax evasion and misappropriation of funds. Cash and documents have been seized. The search operations took place in Mumbai, Pune, Surat, Ahmedabad, and Jaipur.

MUMBAI: The Income Tax (I-T) department on Friday carried out searches at several official and residential premises linked to the Kalpataru Group of Companies, which is active in the realty-infrastructure sector.

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The search operations were conducted by the investigation wing of the I-T department to verify suspicions related to tax evasion and misappropriation of funds, I-T sources claimed. The searched premises included those belonging to the group’s top functionaries and officials, the sources said.

The searches were conducted in 30 locations, including Mumbai and Pune in Maharashtra, Surat and Ahmedabad in Gujarat and Jaipur in Rajasthan.

The officials have recovered several records and documents whose content will be scrutinised for detecting irregularities, if any, the sources said. Cash over a crore was allegedly seized during the searches, which may continue for the next few days.

The Kalpataru Group includes a listed entity and other firms, including an entity that is active in the realty sector, sources claimed.

In May, the Kalpataru Power Transmission Limited changed its name to Kalpataru Projects International Limited on approval from shareholders and the regulatory authorities