Income Tax Raids on Major Business Groups in Pune

In a significant development, the Income Tax department has conducted raids on prominent business groups in Pune, including Mittal Brothers and Kohinoor Group. The Mittal Brothers group, in particular, has faced previous scrutiny from the Enforcement Directorate (ED) in connection with the Honest Shelters LLP project in Mumbai.

Pune Local Events

This recent action aligns with a directive from the Maharashtra Real Estate Regulatory Authority (MahaRERA), which ordered the recovery of nearly Rs 90 crore from Honest Shelters Pvt Ltd, the promoters of the Palais Royale project in Worli. The penalty was imposed due to the company’s failure to comply with earlier directives regarding delayed possession of flats.

The ramifications of these raids and penalties are yet to be seen, but they mark a crucial moment in the real estate sector in Pune and the oversight measures being implemented by regulatory authorities.

Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked...