Chennai:
Income Tax officials have seized Rs 3 crore of unaccounted cash following a raid on three group of real estate companies, according to Income tax sources.
Income tax officials told Express that raids were carried out on companies belonging to VIP Housing and Properties, Jubilee Plots and Housing unit and AM Properties.
"Twenty teams are currenty conducting raids at 20 places in Chennai belonging to the three groups. Each group has around five to 10 companies," a Income tax source said. He also said that raid has also been conducted by a team in the premises of VIP Housing and Properties in Salem also.
He said the raids could go on till Wednesday morning. The raids are being carried out with regard to evasion of taxes. "We have seized Rs 3 crore of unaccounted cash," the income tax source said while refusing to divulge any further details.
Interestingly, the raids on real estate companies come in the wake of similar raids being carried out against INDEV group of companies, Meenakshi group of institutions, Namakkal schools, SRM Group of companies, Lion Dates Impex Pvt Ltd, Saravana Bhavan chain of hotels and Adyar Ananda Bhavan.
Income Tax officials have seized Rs 3 crore of unaccounted cash following a raid on three group of real estate companies, according to Income tax sources.
Income tax officials told Express that raids were carried out on companies belonging to VIP Housing and Properties, Jubilee Plots and Housing unit and AM Properties.
"Twenty teams are currenty conducting raids at 20 places in Chennai belonging to the three groups. Each group has around five to 10 companies," a Income tax source said. He also said that raid has also been conducted by a team in the premises of VIP Housing and Properties in Salem also.
He said the raids could go on till Wednesday morning. The raids are being carried out with regard to evasion of taxes. "We have seized Rs 3 crore of unaccounted cash," the income tax source said while refusing to divulge any further details.
Interestingly, the raids on real estate companies come in the wake of similar raids being carried out against INDEV group of companies, Meenakshi group of institutions, Namakkal schools, SRM Group of companies, Lion Dates Impex Pvt Ltd, Saravana Bhavan chain of hotels and Adyar Ananda Bhavan.
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