Chennai’s income tax (IT) team carried out searches on Bangalore-based real estate and stock market-listed company Sobha. Offices and other premises are being raided all over India by the IT department for alleged tax evasion. Clearly, this is a raid, not a survey. The premises of top officials and key management persons are also covered in this IT raid. Despite Sobha being a Bangalore-based company, Chennai’s IT team has executed this raid. The raids started around 10:30 am today and are currently underway.
It was not the first time that the real estate company Sobha made the headlines for negative reasons. In January, this year the Bengaluru Municipal Corporation termed their project as illegal for getting project approval by showcasing fake documents. Additionally, the company was booked by the Enforcement Directorate office in December 2022 in connection with a money laundering investigation, totalling Rs 201 crore in value.
Sobha is in the business of building, selling, managing, and operating all or any portion of township housing developments, commercial buildings, and other related activities. The business also engages in the production of internal glazing, metal products, and concrete goods, providing backward integration to SL’s turnkey projects. Construction and development of residential and commercial properties as well as contractual tasks make up its two business segments. Sobha is a market leader in Bangalore and Karnataka and has an overseas presence in Dubai, among others. It has built contractual ventures in Kerala. Pradesh, Andhra Pradesh, Orissa, Sri Lanka, Haryana, Maharashtra, and Punjab.
Authorities have imposed a complete ban on the operation of drones and UAVs over and…
Pakistan Army Chief General Syed Asim Munir reignited controversy on Saturday by invoking the two-nation…
Pope Francis, the first Latin American pontiff, was laid to rest in a humble ceremony…
The Bihar police have taken swift action in arresting a man accused of raping a…
PM Modi distributed 51,236 appointment letters to newly-recruited candidates in central government departments and organisations…
The Indian Embassy in Berlin organised a solemn memorial service to honour the victims of…