IT seizes Rs 1 crore from Lokhandwala Infrastructure owner
Income tax officials recovered around Rs 1 crore in cash from the residence in Worli of builder Mohammed Lokhandwala, owner of Lokhandwala Infrastructure, in a search, reports Manish Pachouly.india Updated: Dec 24, 2008 21:55 IST
Income tax officials recovered around Rs 1 crore in cash from the residence in Worli of builder Mohammed Lokhandwala, owner of Lokhandwala Infrastructure, in a search.
Tax authorities had on Tuesday conducted simultaneous searches on two real estate groups, Lokhandwala Infrastructure and KSL Realty and Infrastructure Limited.
Around five premises in all were searched, including the Lokhandwala’s bungalow in Worli, in operations that continued till late on Wednesday.
KSL Realty and Infrastructure Limited had its Lower Parel and Nariman Point premises searched.
Around 150 income tax officials took part in the operations.
Sanjay Tayal of KSL Realty said there was just a survey, which would mean the authorities recovered nothing, but tax officials said even KSL Realty had been searched.
More than five bank lockers, belonging to the owners of the two groups and their close relations, were also sealed.
“The lockers will be opened in a couple of days,” an income tax official said, requesting anonymity for lack of authorisation to speak to the press.
Other tax officials, also lacking such authorisation, added they had seized a number of documents and records to dig out details of tax evasion.
They said income tax returns filed by the two groups in the past six years would also be checked.
Lokhandwala was not available on his mobile phone, but a woman answered the call and said the builder was “in a meeting” and would not be free for the rest of the day.
She confirmed the search, but refused to identify herself or give a reason for not wishing to be named.
First Published: Dec 24, 2008 21:50 IST