"It’s recently being seen that net tax collections growth of the central government is much lower than expected. Fake refunds are a major issue," an Income Tax officer told Moneycontrol.
Besides the crocodiles, the officers also found gold, crores of cash, and benami imported cars
Raids are being carried out at Koramangala, Jayanagar and Indiranagar outlets by Karnataka and Goa IT teams on suspicion of purported tax evasion.
'Dhiraj Prasad Sahu has a vision of creating a prosperous and inclusive society, where all citizens have equal opportunities to succeed,' stated the Congress MP's website.
Shares of Kalpataru Projects, which is a part of Kalpataru Group, fell as much as 9% after CNBC-TV18 first reported that the IT department conducted searches at the company’s premises in Rajasthan and Mumbai, citing sources.
The IT officials on Thursday took a staff of DN Group, from whose possession the cash was seized, for further interrogation. The team also seized some important documents of the company during the search, sources said that the IT officials came across transactions of around Rs 105 crore by the company.
The raids were conducted on premises located in Shanthi Nagar, Cox town, Shivaji Nagar, RMV Extension, Cunningham Road, Sadashiva Nagar, Kumarapark West and Fairfield Layout in Bengaluru on Friday, the sources added.
In the last 10 out of 11 seasons it lost over 30% while so far this year it declined over 34%.
"The group has already clarified that the offshore trust/assets held by the family abroad is fully bonafide and compliant with all laws," a Hiranandani Group spokesperson said.
The Income Tax department, on December 26, 2016, said that it has detected undisclosed income amounting to Rs 169 crores, after it conducted searches on two groups of realty developers and mall owners in R
Speaking to CNBC-TV18, Educomp MD and CEO Shantanu Prakash emphasized that the company is not in any kind of financial trouble and the stake sale of its arm and internal accruals will be enough to redeem the FCCBs.