IT Raids Real Estate Firm in City

Hyderabad: Officials from the Income Tax (IT) department conducted raids on a real estate firm located at different places in the city suspecting tax evasion.

The raids were carried out on Sri Siddi Vinayaka developers, located at Chintalkunta. The raid party collected income tax returns (ITRs) filed by the firm and inquired about the purchase of open plots, construction of apartments, villas and other ventures.

The firm has at least 10 ongoing projects across the city and its surroundings. IT officials suspect that the company was insisting the customers to make cash transactions to avoid paying tax to the government.