I-T officials raid two real estate groups in Bengaluru and Hyderabad

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The Income Tax (I-T) department carried out search and seizure operations on two leading real estate groups in Bengaluru and Hyderabad, according to a Twitter post by the All India Radio (AIR).

The search action covered more than 40 premises located in Bengaluru, Hyderabad and Chennai, the I-T department said in a

statement, without naming the firms.

Income Tax Department carried out search and seizure operations on two leading real estate groups of Bengaluru and Hyderabad. The search action covered more than 40 premises located in Bengaluru, Hyderabad and Chennai.

— All India Radio News (@airnewsalerts) July 11, 2022

The initial analysis of the seized documents has also revealed that these groups have suppressed income to the tune of Rs 90 crore in respect of the revenue recognizable from the sale of units in real estate.

Further, both the groups have indulged in tax-evasion by inflation of expenses in the construction and development business to the tune of Rs 28 crore, having claimed bogus purchases and resorted to over-invoicing of the construction materials.