Now this Gurugram realty firm raided by IT sleuths: incriminating docs found at 20 premises

New Delhi: Income Tax sleuths have raided 20 premises of a real estate firm based in Gurgaon. The firm belongs to Independent MLA from Meham in Haryana-Balraj Kundu.

The IT Department has found tax evasion of Rs 125 crore in the raids, the department said. It also said in a statement that Rs 1 crore in Indian currency and foreign currency of USD 14,000 has been seized.

As many as fifteen bank lockers have been placed “under restraint”. The raids are continuing, the IT Department said.

IT department officials in Chandigarh have raided a residential building which is linked to one of the MLA's relatives in the district of Hisar (Haryana) and another one in Gurugram (Haryana) that is connected to the MLA himself were also raided. 

The raid has found proof of bogus long-term capital gains of Rs 25 crore in the name of the main promoter of the company and his family members in 2012-13 and 2013-14 on which NIL tax has been paid, IT Department said.

The raid has also found that bogus expenses in the guise of sub- contracts to the extent of Rs 100 crore have also been claimed by the real estate firm in order to lower its taxable income, IT Department said.

The entities and parties in whose names these expenses were carried out were unaware of the deals and even denied giving any such services by them.