BENGALURU: The Income Tax department on Wednesday conducted search operations on the premises of Embassy Group for alleged tax evasion. According to sources, the IT department searched 50 locations of the realty group in Bengaluru, Mumbai and Gurugram.
While, the IT department refused to comment on the search operations, the Embassy Group in a media release called them a “routine income tax inquiry.” “Embassy Group has always acted and will continue to act in accordance with the provisions of all applicable laws and regulations, while maintaining the highest standards of corporate governance.
We have extended our complete compliance to the relevant authorities. We would like to assure our stakeholders that business continues as usual,” the real estate group said.
The tax searches at Embassy follow earlier such operations at another realty giant in Bengaluru, Mumbai and Chennai in March this year.