Income tax raids at premises linked to Hiranandani group concludes
The Mumbai-based real estate major said on Sunday that the Income Tax Department had ended searches on premises linked to the Hiranandani Group.
We fully cooperated with the authorities and handed over everything they asked of us. We found that the department responsible for collecting the information had different opinions about tax treatments in different transactions. “We will properly address any issues and conclusions reached upon completion of the IRS and respond accordingly,” a Hiranandani spokesperson said in a statement.
The IT department on Tuesday began searches at 24 locations in cities including Mumbai, Bengaluru and Chennai, people familiar with the development told ET.
“The group’s founders, brothers Niranjan and Surendra (Hiranandani) are being investigated in relation to their undisclosed overseas investment in a trust,” said an official familiar with the development.
The Hiranandani Group is mentioned in the “Pandora Papers,” a leak of nearly 12 million financial documents revealing hidden wealth, tax evasion and money laundering by some of the world’s richest and powerful by the International Consortium of Investigative Journalists, or the International Consortium of Investigative Journalists.
According to the documents, the Hiranandani group and key members of the Niranjan Hiranandani family were beneficiaries of a trust with assets of more than $60 million.
The aforementioned sources said the searches on I-T that began at 8 a.m. Tuesday continued late into the night and will continue over the next few days.
Recently, the Hiranandani brothers dismantled some of the company’s real estate projects in the Mumbai metropolitan area (MMR).