Income Tax Department Conducts Raids on Arihant Superstructures in Navi Mumbai Amid Tax Evasion Accusations

Arihant Superstructures Faces IT Department Raids Amid Allegations of Tax Evasion

Navi Mumbai-based real estate company Arihant Superstructures is currently under scrutiny as the Income Tax department has reportedly conducted raids at the company’s premises.

IT Department Raids Arihant Superstructures

The raids are part of an investigation into allegations of tax evasion and undisclosed income. In a statement, the company confirmed the action taken by the tax authorities, noting that the Income Tax department conducted a raid not only at its premises but also at those of the Global Group.

In its defense, Arihant Superstructures emphasized its commitment to transparency, asserting that no irregularities were uncovered during the raids. The infra group claimed to have provided all necessary documents to the officials as had been requested.

Arihant Superstructures has a significant presence in the Mumbai Metropolitan Region (MMR) with 14 ongoing projects, alongside a few developments in Jodhpur. Over the past 20 years, the company asserts it has successfully completed about 9,500 residences, totaling approximately 10 million square feet. The company is led by Ashok Chhajer.

Company Shares Drop

Following the disclosure of the news regarding the raids, the company’s shares have seen a decline in value. Initially, the shares opened flat, trading cautiously, but soon experienced a drop after the news broke. By the time of writing, just before the close of trading on Wednesday, the company’s shares had dipped.

At that point, the decline in the company shares stood at 0.53 percent or Rs 2.10, bringing the overall value of the shares to Rs 392.10 per piece. This drop has contributed to an overall decline of 5.97 percent or Rs 24.85 per piece over the past five trading sessions.