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HomeNewsReal EstateIncome tax raids at premises linked to Hiranandani group concludes

Income tax raids at premises linked to Hiranandani group concludes

The income tax department concluded it search operations on premises linked to the Hiranandani group, the Mumbai-based realty major said on Sunday.

“We have fully cooperated with the authorities and handed over everything that they asked from us. We find that the department entrusted with information gathering had differing opinions of tax treatments on various transactions. We shall suitably address any issues and conclusions drawn once finalized by the tax department and respond accordingly,” a Hiranandani spokesperson said in a statement.

The IT department on Tuesday commenced searches at 24 locations across cities including Mumbai, Bengaluru and Chennai, people aware of the development told ET.

“The group’s founders, brothers Niranjan and Surendra (Hiranandani) are being probed in connection with their undisclosed offshore investments in a trust,” said an official privy to the development.

The Hiranandani group was named in the ‘Pandora Papers’ – a leak of close to 12 million financial documents revealing hidden wealth, tax evasion and money laundering by some of world’s rich and powerful by ICIJ, or International Consortium of Investigative Journalists.

As per the documents, Hiranandani Group and key members of Niranjan Hiranandani’s family were beneficiaries of a trust with assets of over $60 million.

The I-T search operations that began at 8 am on Tuesday continued till late in the night and will continue for the next few days, said the sources cited above.

Recently, the Hiranandani brothers had divided some of the real estate projects of the company in Mumbai Metropolitan Region (MMR).

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