40 crore complexes of Mumbai real estate company raided: tax evasion of Rs 700 crore caught

(PTI) New Delhi, Ta. August 2, 2019, Friday

A tax evasion of Rs 700 crore has been seized in 40 complexes of a Mumbai-based real estate company, it has claimed.

The CBDT, which has formulated a policy for the tax department, said in a statement that the investigation campaign was not completed on July 29. The raids were carried out in the Mumbai and Pune complexes of a reputed company of the real estate sector.

Although the company's name has not been disclosed by CBDT, official sources said raids were carried out at the Hubtown Group's complex. Evidence of 'on money', false uninsured loans, wrong long term capital gains was found for the sale of commercial and residential blocks during the raids.