In a major operation carried out by a team of 125 Income Tax (IT) officers, two real estate companies from the Ahmedabad-based Sambhaav Group, which is a leading media house, along with two of their brokers Associated real estate was searched on Wednesday for possible tax evasion, IT officials told media on Wednesday. The team of officials began the search operation at 6 a.m. in about 15 to 20 premises belonging to the Sambhaav group and two brokers – Yogesh Pujara and Dipak Thakkar, official sources in the IT department said. Among the premises searched in Ahmedabad were the residences and offices of the owners of the Sambhaav group, which includes the offices of Nila Infrastructures Limited and Nila Spaces Limited, two publicly traded companies.
âThey are in real estate. We are usually looking for cash, lockers and documents. It could be anywhere. We don’t do research overnight. We are following a case closely. We get information, evidence and our employees also go as decoy clients to determine the amount of cash transactions that occur, âsaid one official adding thatâ businesses generally escape tax on transactions that occur. they carry out in cash â.
According to the website, parent group Sambhaav Media Ltd operates TV channels VTV News, VTV Gujarati, Abhiyaan magazine, Sambhav Metro, a tabloid, Top FM and Wise TV, a transit TV station installed on buses of the Gujarat State Road Transport Corporation and 50 depots. . Sambhaav Media Ltd, through a wholly owned subsidiary, Ved Technoserve India Pvt Ltd, has embarked on a new foray into smart electric fencing. M / s Bharat Electronics Ltd (BEL) assigned a pilot project for such a fence to Pathankot Air Base.
Nila Infrastructures built 91 bus stations under the BRTS project, built houses under Mukhamantri Aawas Yojana and participated in the development of several real estate projects in Ahmedabad, Barmer, Udaipur, Bhilwara, Jodhpur, Becharaji, Modasa, Surat and Vadodara.
When asked if IT was targeting media companies for their research, the official said, “Our research was related to the real estate industry.” The IT managers were assisted by 70 police officers during the searches. Research is continuing and the number of unrecorded transactions will likely be known within a few days. “We do not know what role the two brokers have, but they were associated with the Group”, added the manager. No one from the group could be reached for comment.