Raid on four real estate firms evading tax

Officials of the Enforcement Wing of the Commercial Taxes Department on Wednesday raided four real estate companies in the City for tax liabilities.

A senior official from the department said raids were conducted at the offices of Mantri Developers, RMZ Home, Embassy Group and DS-Max Properties.

The raids went on at Mantri Developers’ office late till Wednesday night.

“We have found tax evasion of Rs 40 crore at the Embassy Group. The officials have found tax liability of more than Rs 1 crore at Mantri Developers.

At RMZ Home, Rs 9 crore tax evasion was found a month ago and the company has subsequently paid it. However, four more units were remaining and during the raid on Wednesday, tax liability of Rs 3.5 crore was found.

Similarly, Rs 4 crore tax liability has been unearthed at DS-Max Properties. Notices will be issued against all the companies,'' the official said.

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