Rs 40-crore tax evasion unearthed

The Commercial Taxes Department (Enforcement Wing) officials have unearthed suspected tax evasion to the tune of around Rs 40 crore during three separate raids in the City in the last one week. On Monday, the Enforcement Wing officials raided the office of Golden Gate Properties and noticed the firm evaded paying Rs 2 crore tax.

A senior official said documents pertaining to business for the financial years 2012-13, 2013-14 were not available during the raid. “The documents were seized by the Income Tax department during a raid recently. The tax liability of Rs two crore was found with the available documents pertaining to current financial year,” he said.

Meanwhile, the officials raided Assetz, another firm into property development, last week and slapped a notice for tax liability of Rs 30 crore. The enquiry conducted by the Commercial Tax officials revealed that the firm was into several joint development projects and sold thousands of flats during the previous financial years. The officials have slapped a notice to the firm to pay tax liability of Rs 30 crore. The Commercial Tax officials had also raided another real estate company Elegant and found tax liability of Rs 8.5 crore.