I-T searches on two real estate groups

Surat: The Income Tax department on Wednesday conducted search operations on two real estate groups across multiple locations in Gujarat. Officials raided nearly 20 premises in Surat, Navsari and Dholera, targeting entities engaged in the development and sale of constructed properties.
Sources familiar with the operation said the searches extended beyond the offices and business premises of the developer groups to include locations linked to brokers, investors and financiers associated with their projects. The action is part of an ongoing drive to detect unaccounted income and scrutinise suspected undisclosed transactions, including alleged cash dealings, on-money components in property sales, and the routing of funds through intermediaries.Officials are examining documents, digital records and transaction details to reconcile declared income with actual business activity and identify any possible tax evasion.Around 50 officials were involved in Wednesday's action. Based on the preliminary findings, the operation may be widened, with the department expected to initiate searches at additional locations after gathering and analysing documentary evidence from the ongoing raids.