The Income Tax (IT) department searched the agencies of three prominent real-estate developers in Ahmedabad on Thursday for possible tax evasion and sealed 20 bank lockers, according to official sources.
Shivalik Group, Shilp Group, and Sharda Realty were among the developers who were investigated. A team of 150 IT officials and 70 police officers searched over 25 locations owned by real estate promoters. Two brokers associated with these firms were also subjected to searches.
According to sources, the search is still ongoing. Similar searches were conducted on the premises of two real-estate firms owned by a media company in Ahmedabad in September 2021 by the IT department.