I-T raids at Indiabulls premises likely to continue today

July 14, 2016 08:14

The Income Tax Department's search operations at numerous offices and premises of Indiabulls Group including in Mumbai, New Delhi and Chennai for alleged tax evasion to the tune of about Rs 1,500 crore are expected to continue today.

Hundreds of I-T sleuths and local police personnel had on Wednesday conducted search operations at a large number of premises of the diversified group, department sources said.

The searches are part of a probe into a corporate borrowing worth Rs 1,700 crore that Indiabulls had carried out, the sources said, adding the company is suspected to have evaded income tax to the tune of Rs 1,500 crore.

Most of the searched premises of the Group were in Mumbai.

The Department is also looking into suspected benami transactions worth Rs 1,000 crore which were conducted by the company during the sale of its properties in the past, they said.

Indiabulls Housing Finance Limited acknowledged the development in a clarification to the BSE.

"With reference to today's email received from the exchange, we would like to state that this morning, officials of the Income Tax Department came to some of our offices to check our books, in the normal course. We are extending all assistance to the team of officials. We are confident that the officials will find our corporate practices and books satisfactory."

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