I-T searches in the premises of realty giant Emaar-MGF
There is some bad news for the realty firm Emaar-MGF as the Income Tax (IT) department believes that they have evaded tax in the last few years. The IT department officials checked some recent transaction statements of the firm during the operation which was conducted on Thursday. A team of Income tax officials began the searches early on Thursday and covered about three premises of the company in the national capital region including Delhi and Gurgaon.
The company mentioned that their staffs are cooperating with the authorities. The company is trying to keep a clean image in front of the media and mentioned that a routine survey was undertaken today by the I-T department at their office premises. Their spokesperson also mentioned that they are a responsible, law-abiding corporate house, and they have been extending full cooperation to the IT sleuths.
Since the real estate segment is showing a positive demand, the company is desperate to keep a clean image to ensure that this IT raid should not dampen the sentiments of the buyers for their properties. A spokesperson for Emaar-MGF mentioned that they want to clarify their stand in the market. They want to reiterate that the Company always upholds the highest standards of corporate governance and follows all the laws laid by the central and local governments.
Source- Business Standard
