I-T Department Conducts Raids on Lucknow-Based Real Estate Developer: Suspected Financial Irregularities
The Income Tax Department conducted extensive raids on over 18 locations linked to a prominent real estate developer in Lucknow and Barabanki. The developer, known for numerous high-rise and residential projects, faces allegations of financial irregularit
Real EstateTax EvasionFinancial IrregularitiesIncome Tax DepartmentLucknowReal EstateOct 24, 2024
During the raids, authorities seized a large number of documents, including financial records and electronic data. Owners, directors, and employees were interrogated about the company’s business practices. Access to the premises was restricted, and all staff were required to surrender their mobile phones. The raids also extended to the steel company’s offices in Jankipuram and Nirala Nagar, as well as a manufacturing facility and showrooms on Kursi Road in the industrial area.
The real estate developer has been a significant player in the Lucknow and NCR real estate market, known for its high-rise and residential projects. However, the company has faced serious allegations of converting black money into legitimate income and evading substantial tax liabilities. According to officials, the company's estimated annual turnover exceeds ₹1,000 crore, although the exact figures are not publicly disclosed on its official website.
Sources within the department revealed that the raids were not limited to the company’s business properties. They also extended to the personal properties of the owner and various expansion project sites. The operations aimed to gather comprehensive evidence and to thoroughly investigate the company’s financial practices.
The Income Tax Department remains committed to curbing tax evasion and ensuring financial transparency. The documents and evidence seized will be analyzed to build a strong case against the real estate developer. The outcome of these raids could have significant implications for the real estate sector in Lucknow and the broader NCR region.
Frequently Asked Questions
What was the main reason for the I-T Department's raids on the Lucknow-based real estate developer?
The main reason for the raids was the suspicion of financial irregularities, tax evasion, and transactions with shell companies. The developer was also accused of converting black money into legitimate income.
How many locations were targeted during the raids?
Over 18 locations were targeted during the raids, including key offices, residential properties, and associated manufacturing facilities in Lucknow and Barabanki.
What kind of documentation was seized by the authorities during the raids?
Authorities seized numerous financial records, documents, and electronic data from the targeted locations. They also interrogated owners, directors, and employees about the company’s business practices.
What is the estimated annual turnover of the real estate developer?
The estimated annual turnover of the real estate developer exceeds ₹1,000 crore, although the exact figures are not publicly disclosed on their official website.
How did the I-T Department ensure that the raids were conducted effectively?
The I-T Department deployed over 25 teams to carry out the raids, restricted access to the premises, and instructed staff to surrender their mobile phones. The operations were thorough and aimed to gather comprehensive evidence.
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