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I-T team flies down to raid Phoenix
Raids focus on Kukatpally land deal with 2 other companies
Hyderabad: One of the biggest real estate companies in the city – Phoenix Group has come under I-T (Income-Tax) scanner. A special team from Mumbai was flown into the city to carry out raids which are said to be in continuation of the recent similar raids on two other realty majors Vasavi group and Sumadhura.
The raids, it is said, were being conducted particularly about a financial transaction between Phoenix and the two companies over sale of land in Kukatpally.
It is learnt that the IT team seized some confidential documents pertaining the income-tax payments and evasion of taxes in the last financial year.
Sources said that the allegation was that some political leaders, Ministers, MPs and MLAs invested money in the realty company. "The raids have been carried out in over 20 different locations, including the head office of the Phoenix group and the residences of the directors in the city", officials said.
Searches were held at multiple locations like Jubilee Hills, Moosapet, Madhapur, and several offices and residences and confiscated documents regarding the company transactions.
The preliminary investigation, it is said, revealed that the group was engaged in "large-scale" tax evasion by suppression of its profits through manipulating the regular books of account at the end of every year.
The I-T wing will do a detailed probe to ascertain the genuineness of these transactions in buying the material and the construction of the buildings. An investigation into financial transactions between Phoenix and other companies was also in the progress.
