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The Income Tax Department carried out searches at the offices of the Hiranandani Group, a construction major, in Mumbai and other cities, and recovered ₹5 crore in cash on Tuesday.
Sources in the I-T Department said that the raids were based on advance reconnaissance and investigations carried out by I-T sleuths at Powai and Thane offices of the construction giant.
Given the volume of cash, police protection was provided to the raiding party, sources added.
Mumbai’s Chief Commissioner of Income-Tax TK Shah refused to comment on the raids, saying that the matter is under the purview of the Directorate of Investigation. The Director-General of Income Tax (Investigations), Suresh Jandhyala, under whom the Directorate functions, was unavailable for comment.
PF tax evasion When contacted, a company spokesperson declined to comment.
However, company sources confirmed the development, but refused to divulge further details. Earlier, in April 2008 too, the CBI had raided the offices and residence of the Hiranandani Group for provident fund tax evasion.
The company had allegedly failed to deposit funds worth ₹8.47 crore into EPF for the financial year 2004-05, and had allegedly under-quoted the actual number of employees working with the group.
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