I-T dept searches premises of Indiabulls group over alleged tax evasion

The Income Tax department today conducted multiple searches on the premises of Indiabulls group in connection with its probe against the firm on charges of alleged tax evasion.

Officials said the searches covered multiple premises of the firm in Mumbai and Delhi after the department received “actionable evidence” to mount the action.

They said some instances of “asset transfers” are also under their scanner. They added documents and computer peripherals have been seized by I-T sleuths even as the action is continuing. Indiabulls Housing Finance Limited acknowledged the development in a clarification to the BSE.

“With reference to today’s email received from the exchange, 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. We are extending all assistance to the team of officials. We are confident that the officials will find our corporate practices and books satisfactory.

“At Indiabulls group, we follow the 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. We are confident that these on the spot check, in the normal course, will vindicate the same,” it said.

It added there was “no information which has not been announced to the Exchanges under Regulation 30 of SEBI (LODR) Regulations, 2015.”