The I-T department is investigating corporate borrowing of Rs 1,700 crore that Indiabulls had carried out and suspects the company evaded income tax of Rs 1,500 crore. We are confident that the officials will find our corporate practices and books satisfactory," said Indiabulls Housing Finance.23 per cent and Indiabulls Housing Finance fell four per cent. According to sources, the IT department may also call some Indiabulls officials to seek clarification. Following these raids, shares of various Indiabulls companies tanked on the stock exchanges by up to seven per cent as investors shed their stocks fearing that the company may face stiff action from the I-T department.
Documents and computer peripherals were seized during the raids, which continued late into Wednesday evening and involved hundreds of officials from the I-T department Indiabulls Housing Finance confirmed the news about the I-T raids. The raid is expected to continue on Thursday. We are extending all assistance to the team of officials. "We would like to state that this morning, officials of the income tax department came to some of our offices to check our books, in the normal course.
I-T officials said they are investigating instances of "asset transfers" and https://www.seasonsgazebo.com/ also probing allegedly "benami" transactions of Rs 1,000 crore by the group. Indiabulls Ventures stocks were down seven per cent on the Bombay Stock Exchange on Wednesday, Indiabulls Wholesale Services by five per cent, Indiabulls Real Estate slipped by 4.I-T officials also raided the residences of Indiabulls promoter Sameer Gehlaut, whose name had also figured in the leaked Panama papers, said sources. The company said it follows ethical and legal standards "of the highest order in all our businesses and have robust institutional measures to monitor as well as implement corporate governance of the highest standards".Income-tax officials on Wednesday raided the offices of the Indiabulls Group across the country, including in Mumbai and Delhi, following "actionable information" about alleged tax evasion of around Rs 1,500 crore.
Documents and computer peripherals were seized during the raids, which continued late into Wednesday evening and involved hundreds of officials from the I-T department Indiabulls Housing Finance confirmed the news about the I-T raids. The raid is expected to continue on Thursday. We are extending all assistance to the team of officials. "We would like to state that this morning, officials of the income tax department came to some of our offices to check our books, in the normal course.
I-T officials said they are investigating instances of "asset transfers" and https://www.seasonsgazebo.com/ also probing allegedly "benami" transactions of Rs 1,000 crore by the group. Indiabulls Ventures stocks were down seven per cent on the Bombay Stock Exchange on Wednesday, Indiabulls Wholesale Services by five per cent, Indiabulls Real Estate slipped by 4.I-T officials also raided the residences of Indiabulls promoter Sameer Gehlaut, whose name had also figured in the leaked Panama papers, said sources. The company said it follows ethical and legal standards "of the highest order in all our businesses and have robust institutional measures to monitor as well as implement corporate governance of the highest standards".Income-tax officials on Wednesday raided the offices of the Indiabulls Group across the country, including in Mumbai and Delhi, following "actionable information" about alleged tax evasion of around Rs 1,500 crore.
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