I-t Dept Searches Developer’s Premises, Real Estate News, ET RealEstate
AHMEDABAD: The Income Tax (I-T) department on Thursday launched a widespread search operation against a city-based realty developer, covering 35-odd premises. The teams included officers from Rajkot and Vadodara.
The primary search started at Swati Procon’s SG Road office. Sources close to the development said that the teams found cash, valuables and documents linked to financial transactions.
The teams visited residences of the promoters and key officials. Sources added that apart from Swati Procon, the sleuths also carried out searches at its associate eventures including a chemical manufacturing unit in Naroda.
The officials were tight-lipped about the findings, saying the search was in progress. It is believed that may continue on Friday. Based on details of the digital and physical financial transactions found from the firms, officials will ascertain the modus operandi of tax evasion, said sources.
