Mumbai/New Delhi: The Income Tax Department on Wednesday&nbsp;carried out search operations at numerous offices and&nbsp;premises of Indiabulls Group including in Mumbai, New Delhi&nbsp;and Chennai for alleged tax evasion to the tune of about Rs&nbsp;1,500 crore.
Hundreds of I-T sleuths and local police personnel&nbsp;conducted search operations at a large number of premises of&nbsp;the diversified group, department sources said.&nbsp;
The exercise is likely to continue tomorrow, they said.&nbsp;
The searches are part of a probe into a corporate&nbsp;borrowing worth Rs 1,700 crore that Indiabulls had carried&nbsp;out, the sources said, adding the company is suspected to have&nbsp;evaded income tax to the tune of Rs 1,500 crore.&nbsp;
Most of the searched premises of the Group were in Mumbai.&nbsp;
The Department is also looking into suspected benami&nbsp;transactions worth Rs 1,000 crore which were conducted by the&nbsp;company during the sale of its properties in the past, they&nbsp;said.
Indiabulls Housing Finance Limited acknowledged the&nbsp;development in a clarification to the BSE.
"With reference to today's email received from the&nbsp;exchange, we would like to state that this morning, officials&nbsp;of the Income Tax Department came to some of our offices to&nbsp;check our books, in the normal course. We are extending all&nbsp;assistance to the team of officials. We are confident that the&nbsp;officials will find our corporate practices and books&nbsp;satisfactory.&nbsp;
"At Indiabulls group, we follow the ethical and legal&nbsp;standards of the highest order in all our businesses and have&nbsp;robust institutional measures to monitor as well as implement&nbsp;corporate governance of the highest standards. We are&nbsp;confident that these on the spot check, in the normal course,&nbsp;will vindicate the same," the company said in a BSE filing.
It added there was "no information which has not been&nbsp;announced to the Exchanges under Regulation 30 of SEBI (LODR)&nbsp;Regulations, 2015."&nbsp;
Indiabulls in a separate statement said that during the&nbsp;last year, the Group has paid an aggregate of Rs 782 crore as&nbsp;income tax and Rs 372 crore as service tax to the department.
Shares of Indiabulls group firms fell up to 7 per cent&nbsp;today after the I-T searches.

The Income Tax Department on Wednesday&nbsp;carried out search operations at numerous offices and&nbsp;premises of Indiabulls Group including in Mumbai, New Delhi&nbsp;and Chennai for alleged tax evasion to the tune of about Rs&nbsp;1,500 crore.

I-T Department carries out searches at Indiabulls premises

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The Income Tax Department on Wednesday&nbsp;carried out search operations at numerous offices and&nbsp;premises of Indiabulls Group including in Mumbai, New Delhi&nbsp;and Chennai for alleged tax evasion to the tune of about Rs&nbsp;1,500 crore.

I-T Department carries out searches at Indiabulls premises

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I-T Department carries out searches at Indiabulls premises

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