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The Income Tax Department carried out searches on over 30 premises linked to two major builder groups in Ahmedabad after undercover checks revealed cash payments in property transactions. The operation involved more than 100 officials targeting corporate offices, construction sites, suppliers, and residences of promoters. Investigators seized documents, digital data, sales ledgers, and details of land and ongoing projects, while also seeking bank and locker records. This is the second significant enforcement in four months, reflecting continued scrutiny of unaccounted transactions in the real estate sector.
The Income Tax Department in Ahmedabad conducted searches at more than 30 locations associated with two prominent builder groups following evidence from undercover operations that buyers were making part of the payment in cash. The searches covered corporate offices, construction sites, supplier locations, and residences of key promoters. Over 100 officials participated in the coordinated operation, which began in the morning and extended into the evening under police protection. Advertisement
Investigators seized a wide range of materials, including project documents, land records, sales deed ledgers, and digital data from laptops, mobile phones, and hard drives. Authorities are also gathering information on bank accounts, locker holdings, and other assets linked to the groups. Sources said the builders had multiple schemes near SG Road and other developing areas, where a significant portion of the transaction value was unaccounted for.
The department deployed decoys posing as potential buyers to verify cash payments, which helped confirm the ratio of accounted to unaccounted amounts in several projects. Officials noted that this is the second major enforcement in four months targeting the real estate sector in Ahmedabad. In an earlier operation, tax authorities uncovered significant undeclared income by another developer group.
Industry experts highlighted that such enforcement actions are part of ongoing efforts to improve transparency in real estate transactions and curb tax evasion. The findings from these searches are expected to provide further insights into cash-based dealings and help strengthen regulatory compliance in the sector.
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