I-T raids on real estate group in Telangana, AP over alleged tax evasion
The Income Tax sleuths conducted raids at the offices of Vasavi Real Estate Group in the two Telugu states over alleged tax evasion
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NewsTAP Bureau- Updated On:17 Aug 2022 2:12 PM GMT
HYDERABAD: The Income Tax sleuths on Wednesday conducted raids at the offices of a real estate company, Vasavi Real Estate Group, in the two Telugu states in connection with alleged tax evasion. The raids were carried out on the premises of Vasavi Group's head office in Banjara Hills of Hyderabad along with other locations in Andhra Pradesh and Telangana.
As many as 20 teams of the I-T Department conducted the inspections in about 20 locations and reportedly seized crucial documents related to Vasavi Realty, Vasavi Nirman, Shree Mukh Infra Projects, Indmax Infrastructure and Vasavi Ventures, the supposed subsidiaries of the group.
The company is alleged to have resorted to irregularities in payment of taxes to the government despite undertaking large-scale construction works and housing projects worth thousands of crores of rupees.
The I-T officials are said to be extracting information to ascertain if there were any illegal transactions in the group's projects that were already completed and those under construction.
