|

I-T Has Concluded Search Operations on Premises, says Hiranandanin

The income-tax department concluded its search operation on premises linked to Hiranandani group, the realty major said on Sunday. “We have fully cooperated with the authorities and handed over everything they asked from us,” a Hiranandani spokesperson said in a statement. “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 finalised by the tax department and respond accordingly accordingly.” The I-T department had 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,” an official privy to the development said. 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 lundering by some world’s rich and powerful by ICIJ, or International Consortium of Investigative Journalist. As per the documents, Hiranandani group and key members of Niranjan Hiranandani’s family were beneficiaries of a trust with assets of $60 million. S-ET

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *