The Income Tax Department August 20 conducted searches at offices of Oberoi Realty and its vendor Capacite Infraprojects to probe suspicious fund trails in the companies. Confirming the development, a senior official of I-T Department told Moneycontrol there was suspicion on related party transaction within Oberoi. The department also suspected a difference between the sale price of housing units shown on the books and the registered prices.
"There was suspicion on related party transaction within Oberoi. The I-T department also suspects a difference between the sale price of housing units shown on the books and the registered prices," a senior official of the income tax department was quoted by Moneycontrol.
The report added that since Oberoi Realty deals in the luxury home segment, the department suspects Benami transactions by flat buyers to hide their identities. Capacite Infra is one of the largest vendors of Oberoi Realty and recently secured Rs 400 crore-worth orders, according to reports.
The searches across more than 40 premises led to recovery of “evidence related to receipt of ‘On Money’ sale of commercial and residential blocks, bogus unsecured loans taken, bogus long term capital gains and various other sham transactions to evade income aggregating about Rs 700 crore, a statement issued by the Press Information Bureau, on the behalf of I-T department, said.
The above-mentioned searches were centered around the Hubtown Group.
At 2:00 pm, the stock of Oberoi Realty were trading 1.5 percent lower at Rs 537 apiece on the BSE while that of Capacit'e Infraprojects was quoting at Rs 210.5, down 6 percent. In comparison, the S&P BSE Sensex was ruling 32 points, or 0.09 percent, higher at 37,435 level. The Nifty Realty index, however, was trading 0.67 percent lower.
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