I-T dept searches premises of Indiabulls group

The income-tax department on Wednesday conducted multiple searches on the premises of Indiabulls group in connection with its probe against the firm on charges of alleged tax evasion.

Officials said the searches covered multiple premises of the firm in Mumbai and Delhi after the department received "actionable evidence" to mount the action. They said some instances of “asset transfers” are also under their scanner. They added documents and computer peripherals have been seized by I-T sleuths even as the action is continuing.

Indiabulls Housing Finance Limited acknowledged the development in a clarification to the BSE exchange.

“With reference to today's email received from the exchange, we would like to state that this morning, officials of the income-tax department came to some of our offices to check our books, in the normal course. We are extending all assistance to the team of officials. We are confident that the officials will find our corporate practices and books satisfactory.

"At Indiabulls group, we follow the ethical and legal standards of the highest order in all our businesses and have robust institutional measures to monitor as well as implement corporate governance of the highest standards. We are confident that these on the spot check, in the normal course, will vindicate the same," it said.

It added there was "no information which has not been announced to the Exchanges under Regulation 30 of SEBI (LODR) Regulations, 2015."

Indiabulls in a separate statement said that during the last year, the Group has paid an aggregate of Rs 782 crore as income tax and Rs 372 crore as service tax to the department.

Shares of Indiabulls group firms fell up to 7 per cent today after the I-T searches.