On June 12, 2023, two of the top luxury real estate developers, M/s Vianaar Group and M/s Isprava Group, were the target of a thorough search and survey operation by the Income Tax Department‘s Investigation Wing in Panaji. This operation, which covers several states, intends to find hidden assets and possible tax evasion connected to high-end luxury villa projects.
With operations across several Indian cities, the Vianaar Group and the Isprava Group both have a large presence in the real estate industry. These organisations also run a separate hospitality business, renting out apartments and villas across South East Asia as well as India.
A total of 31 locations, including those in renowned cities like Goa, Mumbai, Delhi, Noida, and Amritsar, were covered by the search and survey operation. The Income Tax Department painstakingly conducted the raid in Bangalore, Delhi, Mumbai, Gurgaon, and Dehradun.
The preliminary investigations have already produced a significant amount of information. Significant sums of unaccounted money and incriminating documents have been found throughout the search procedures, further pointing to possible instances of tax evasion.
The income tax department works to uphold the integrity of the taxation system. Back in the year, the Income Tax Department conducted a search and seizure operation on a leading automobile manufacturer group along with a company operating chartered flights and a real estate group of Delhi-NCR covering more than 35 premises across Delhi-NCR,
Also, the Income Tax Department has conducted a Search and Seizure operation on 29.07.2019 on a prominent group involved in Real Estate Development, covering more than 40 premises across Mumbai and Pune.
Read More: Income Tax Dept. conducts Search on a prominent Real Estate Group in Mumbai
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