look news india
News India Live, Digital Desk: The troubles of Bihar’s real estate sector giant ‘Panorama Group’ are not showing any sign of abating. After the action in Purnia, now the Income Tax Department team has conducted vigorous raids on the group’s locations located in Supaul district. After this action, there is panic among the businessmen and real estate mafia of the area.
Income Tax Department team arrived early in the morning
According to sources, on Tuesday morning the Income Tax officials who came in about half a dozen vehicles raided the office of Panorama Group in Supaul and the residences of those close to the management. As soon as the team arrived, they cordoned off the premises and sealed the entry-exit points. No one was allowed to go in or out.
Reason for raid: Tax evasion and investment worth crores
The Income Tax Department had been receiving inputs for a long time that large scale undisclosed funds were being used in the real estate projects of Panorama Group. The main focus of investigation are the following points:
Undisclosed Assets: Documents related to purchase and sale of benami properties and lands are being scrutinized.
Tax evasion: There is suspected to be a huge gap between IT returns and actual income.
Digital Proof: The team has seized laptops, hard disks and details of several bank accounts during the raid.
Discussion intensifies even in political circles
This raid is also being viewed from a political perspective due to the relations of Panorama Group owner Sanjeev Mishra with various political parties. However, Income Tax Department officials have termed it a routine investigation process and said that the seized cash or documents will be disclosed only after complete action.