On Tuesday morning the Income Tax (I-T) department carried out searches at the Hiranandani Group as per reports by ANI. The IT raid is ongoing parallelly at 24 other locations including senior partners’ residences.
The probe is running parallelly in Mumbai, Bangalore, and Chennai.
Maharashtra | Raids underway at several locations of Hiranandani Groups in Mumbai and other cities: Income Tax Department
— ANI (@ANI) March 22, 2022
Documents holding very discreet and sensitive information have been discovered during the search raid. Some alleged miscalculations on Tax Deducted at Source (TDS) receipts concerning to payments done. It is currently under scrutiny.
Further updates are to be expected from the investigation. Hiranandani Group is an acclaimed real estate giant in Mumbai, with its striking project located in Powai.
IT Department officials got a tip-off on alleged international assets and trust worth $60 million linked to the Hiranandani Group’s founding brothers, Suresh and Niranjan Hiranandani.
The Group’s spokesperson when asked to comment on the IT raids, clearly brushed off stating, ” Repeatedly we have clarified regarding the international assets and a trust in the name of the Hiranandani family, that it is absolutely authentic, bonafide and in congruence with the laws.” he further added, “We are being absolutely cooperative with the IT departments probe and assure to settle this matter peacefully.”
Back in October 2021, popular new dailies reported both the brothers Suresh Hiranandani (Founder & Director) and Niranjan Hiranandani (co-founder & Managing Director) of the Hiranandani Group along with their family members to allegedly evading tax and owning a ‘trust and an asset’ worth $60 million abroad.
