Income Tax department’s investigation wing conducted raids on some realty players of Surat. From them, the department seized Rs.8 lakh in cash and jewelry worth nearly Rs.45 lakhs.

Income Tax Raid on Real Estate Builders: Hopes to recover Rs.100 Cr.

Last month Income Tax department conducted raids on six major real estate developers of Surat. The department seized Rs.8 lakh in cash and jewelry worth nearly Rs.45 lakhs from their bank lockers.

The latest Income Tax operation is one of the biggest operations in the recent period. More than Rs.92 Cr was recovered by the income tax department. The operation included some six major real estate developers and two leading advocates of the city. Continue reading →