IT officials conduct raids at 20 locations in Hyderabad

Hyderabad: The Income Tax (IT) officials are currently carrying out raids on multiple real estate companies in Hyderabad. According to the sources, the raids are being conducted at 20 locations simultaneously, including the headquarters of Googee Properties in Dilsukhnagar. Other companies being targeted include Pharma Hills, Wonder City, and Royal City.

It is not yet clear what prompted the IT officials to conduct the raids, but they are reportedly investigating possible tax evasion and other financial irregularities.

Last month, the Income Tax department had conducted massive raids on four real estate firms in Hyderabad. Searches were conducted at Vasudha company head office in SR Nagar, as well as real estate companies in Madhapur and Jeedimetla. It was initially discovered that there was a discrepancy between the business transactions carried out by these firms and the income tax paid.