I-T raids realty firm, recovers Rs 1.5 crore

In continuing raids on real estate firm Housing Development and Infrastructure Limited (HDIL), the income tax authorities claim to have so far recovered unaccounted cash of Rs 1.5 crore.

In continuing raids on real estate firm Housing Development and Infrastructure Limited (HDIL), the income tax authorities claim to have so far recovered unaccounted cash of Rs 1.5 crore.

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The raids, on 12 premises of the company and its directors, began on Thursday morning with 125 I-T staff deployed. The raids are expected to continue on Friday.

A senior I-T official said the cash was seized from the residence of the owners at Sea View building in Pali Hill, Bandra (West). The I-T authorities had raided on two residential premises of the owners in Bandra (West) while office premises in Bandra (East) were also covered. Some business groups, which were linked to the company, were also covered in the raid.

Besides cash, the tax officials also sealed six bank lockers belonging to the owners of the company and their family members.

The officials would now check previous six years’ returns filed by the company to verify if it had evaded tax in the past too.

None of the company’s owners including Executive Chairman Rakesh Wadhawan and Managing Director Sarang Wadhawan or other senior officials could be reached for comment.

This is the second major I-T raid in the last 15 days. Last month the department had raided two major infrastructure companies from whom they had recovered Rs 3 crore in cash besides uncovering income totaling Rs 80 crore.