Karnataka Colleges under scanner for tax evasion, IT raids at multiple educational institutions
The Income Tax Department is conducting raids at multiple locations in Karnataka, with several educational institutes under its radar in the latest operations.
The Income Tax Department is conducting raids at multiple locations in Karnataka, with several educational institutes under its radar in the latest operations. Colleges based out of Bengaluru are also being scrutinized by the IT department, The raids are reportedly underway over tax evasion suspicions. The searches began on Thursday morning and are still underway.
Just days ago, the IT Department had conducted raids on a leading corporate group in Chennai and identified tax evasion worth over Rs 400 core by debiting non-genuine purchase bills in the account books across group firms. The revelations were made after the Income Tax officials seized documentary and digital evidence against the companies.
On June 15, search and seizure operations were carried out at over 40 premises connected with the MGM corporate group in Chennai, Villupuram, Puducherry, Coimbatore, and Hyderabad. The group is involved in the business of manufacturing Indian-made foreign liquor (IMFL), logistics, hospitality, entertainment, etc.
The IT Department during the seizure also recovered unaccounted cash of Rs 3 crore and unaccounted gold jewellery worth Rs 2.5 crore.
IT dept raids Embassy group offices
The raids come days after the IT Department officials searched the residences and offices of officials working with the Embassy group in a suspected case of tax evasion. The raids were also carried out at the Embassy Arcade Apartment in Sadashivnagar in Karnataka’s Bengaluru. The apartment was owned by Narpat Singh, the Director of the Embassy Group.
A large merger deal that the Embassy group engaged in, had put the company on the IT’s radar. Embassy group is one of the largest real estate companies in Karnataka. The group entities NAM Estate and Embassy One Commercial Property Developments recently entered into a merger deal with Indiabulls Real Estate.
