Income Tax Department Conducts Raids at Real Estate Firm Embassy Group's Premises
The income tax department on Wednesday, launched search operations at several premises associated with real estate company Embassy Group across Karnataka, Haryana and Maharashtra.
According to media reports, raids were being conducted at more than 10 locations in Bengaluru, Gurugram and Mumbai.
The reports further said that Embassy Group's offices were being searched in the backdrop of its merger with another real estate company Indiabulls.
The income tax department is also searching Indiabulls' premises in Mumbai's Bandra-Kurla Complex (BKC) area.
Meanwhile the Embassy Group in a statement said that it was "routine income tax inquiry".
“Embassy Group has always acted and will continue to act in accordance with the provisions of all applicable laws and regulations, while maintaining the highest standards of corporate governance. We have extended our complete compliance to the relevant authorities. We would like to assure our stakeholders that business continues as usual,” the company's statement said.
reAccording to information accessed by Republic, Embassy group offices are now being raided by the Income Tax department. The multi-city raids come in the backdrop of the merger between the Embassy Group and Indiabulls Real Estate. The officials are now searching for office spaces for the firms.
The income tax department is conducting search operations at Embassy Group on alleged tax evasion. People in the know, have told CNBC-TV18 that the IT department is searching We Work premises in Bandra-Kurla Complex (BKC), Mumbai.
In a statement released to the media, the Embassy Group has called this a "routine income tax inquiry".
The statement reads, “This is routine income tax inquiry - Embassy Group has always acted and will continue to act in accordance with the provisions of all applicable laws and regulations while maintaining the highest standards of corporate governance. We have extended our complete compliance to the relevant authorities. We would like to assure our stakeholders that business continues as usual.”
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