Ahmedabad: Income Tax raids premises of real estate group

Income Tax officials on Tuesday raided the premises of Sankalp Group, a real estate and hospitality company. The department seized cash worth Rs 2.25 crore and 12 bank lockers.

Officials suspect the group to be involved in a large-scale tax evasion. Violation of the Foreign Exchange Management Act (FEMA) is also suspected. According to sources in the Income Tax department in the city, search and survey operations began early on Tuesday. Operations were conducted at 10 premises while survey operations were conducted at seven locations.

Officials have also found a large chunk of cash, the value of which is being ascertained, and have unearthed incriminating documents. Officials also seized laptops and other electronic devices, the records of which are being examined.

The company is suspected to not have disclosed its exact revenue. Being in the real estate sector, officials suspect a large number of 'on' money transactions. Some of the other companies under the lens of the department include Sankalp Recreation, Ginger Properties, and Sankalp Ventures among others.

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