Raid on realtor yields Rs 20 crore

In one of the biggest recoveries of concealed income in the region, the Income Tax Department, Gurgaon detected a tax evasion of R20 crore during a raid conducted at the premises of a real estate company and its sister concerns.

In one of the biggest recoveries of concealed income in the region, the Income Tax Department, Gurgaon detected a tax evasion of R20 crore during a raid conducted at the premises of a real estate company and its sister concerns.

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About 30 officers led by additional commissioner of income tax DS Kalyan conducted about 20-hours raid on the business premises of Suman Villas Private Limited and some of its group companies which included a finance company and a jeweller. The raid was launched discreetly on August on 3 and culminated on August 4.

The I-T officials claimed that tax evasion of R20 crore detected in the survey operation was the highest concealment in this region.

They said that the company might have to pay a penalty amounting to about Rs. 7 crores for this concealment.

The I-T officials claimed that the survey was carried on the intervening night of August 3 and 4 and they had collected incriminating evidences of tax evasion. The office of the company is situated in the posh Civil Lines area.

Subhash Singla, the director of Suman Villas Private Limited admitted that the I-T department officials had conducted a survey on the premises of company office.