MUMBAI: The Income Tax authorities on Wednesday conducted searches on well-known developer Embassy Group’s premises across Bengaluru, Gurugram and Mumbai for alleged tax evasion, multiple sources confirmed to TNIE .
The searches are likely to continue over the next couple of days, based on the evidence gathered, said a source. The Bengaluru IT unit is leading the searches. A tax official confirmed the raids but declined to provide granular details.
The Embassy Group spokesperson said, “This is a routine tax inquiry - Embassy Group has always acted and will continue to act in accordance with the provisions of laws while maintaining the highest standards of corporate governance. We have extended our compliance to the relevant authorities. We would like to assure our stakeholders that business continues as usual.” In a separate development, NCLT Chandigarh will decide on the Embassy Group - Indiabulls Real Estate merger next month.