Today early morning in a Mega Search Operation was carried out by IT Income Tax in Ahmedabad on Two big builders. Shilp and Shivalik group of builders of Ahmedabad have come under scanner of Income Tax. Parallel Raids by IT was conducted on more than 25 locations.
Raids at the residence of their business partners and a few one or two city based brokers were made in Ahmedabad.
In last two days in Ahmedabad city, raids on several Architect and Builder groups have been started by the IT department there. More than 25 places belonging to Shilp and Shivalik groups were raided on Thursday. IT department has started search at Shivalik Group Directors Chitrak Shah and Taral Shah, as well as Shilp Group founder Yash Brahmbhatt, While IT raids have also been carried out on broker Deepak Nimbark of Sharda Group and on broker Ketan Shah.
As per sources, Income Tax Department may have taken this action due to possibility of irregularities in the land purchased by the builders. Anonymous transactions are mainly suspected in the purchase / deal of land, although more details will be known only after the completion of the investigation, but a large number of irregularities are likely to be exposed.
Big cash and unaccounted transactions are likely to come on surface. Due to IT Mega Search operation there is a sensation in Builder lobby.
