Gujarat : Income Tax Department Conducts Search Operations on Prominent Realty Groups

Surat : The Income Tax department has initiated an extensive search and seizure operation on four prominent realty groups within the state of Gujarat, conducting raids on their offices, project sites, and residences located across Surat, Ahmedabad, Rajkot, and Vadodara. This sudden action, just ahead of the Diwali festival, has instilled a sense of apprehension among real estate developers in the region.

According to sources, the IT sleuths launched the operation targeting several Ahmedabad-based real estate developers. Notably, officials from the Ahmedabad IT department were bolstered by teams from Surat, Rajkot, and Vadodara for this concerted effort.

The focal point of the IT sleuths’ scrutiny has been the offices of the realty groups situated on Science City Road in Ahmedabad. Their primary objective is to uncover substantial amounts of allegedly disproportionate income and pertinent documents.

Among those targeted by the IT department are Trikam Patel and Anil Patel, both identified as realtors. The IT raids extended to their respective offices and residences, with the department carrying out comprehensive searches to gather essential information and evidence.

Furthermore, sources indicate that in addition to these real estate developers, two real estate brokers have also become subjects of the IT department’s raid and investigation.

This move by the Income Tax department has sent ripples through the real estate community in Gujarat, causing a sense of unease and concern among industry stakeholders. The operation marks a significant effort by the authorities to scrutinize and potentially uncover any alleged financial irregularities within the real estate sector.