The Directorate of Income Tax (Investigation), Karnataka, on Thursday conducted search and seizure operations at the offices of GMR group – the global infrastructure company headquartered in Bengaluru, on suspicion of tax evasion.
The raids, reportedly initiated by the DIT-Hyderabad under Section 132 of the I-T Act, were simultaneously carried at the GMR offices in Hyderabad, Delhi and Mumbai.
According to sources, the DIT will take some time to examine the seized documents and information for an appropriate assessment of alleged tax evasion.
Though I-T officials refused to comment, the infrastructure giant, in a press statement, confirmed the I-T searches in Bengaluru and stated that, on Thursday morning, officials from the I-T department came to some of their offices to check their books.
“We are extending all assistance to the team of officials and are confident that they will find our corporate practices and books satisfactory. At GMR Group, we follow the highest ethical and legal standards in our businesses.
As an Indian multinational infrastructure developer, we have businesses in Turkey, Singapore, Indonesia, Maldives, South Africa and Nepal besides India and have robust institutional measures to monitor as well as implement corporate governance of the highest order. We are confident that these on-the-spot checks will vindicate the same,” the press release said.
GMR Infrastructure Limited has interests in airports, energy, highways and urban infrastructure sectors.