Tax Department Raids Gujarat Realty Firm, Detects ₹ 500 Crore Unaccounted Transactions

The Income Tax Department has detected unaccounted transactions of over ₹ 500 crore after it raided an Ahmedabad-based real estate developer and linked brokers as part of a tax evasion probe, the Central Board of Direct Taxes or CBDT claimed today. “Documents reveal unaccounted income of more than ₹ 200 crore in the hands of the real estate group and also unaccounted income of more than ₹ 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers.” “Overall, the search & seizure operation has resulted in the…

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Investcorp acquires IDFC’s private equity, realty investment management business

Mumbai: The US-based alternative investment manager InvestcorpNSE 0.00 % has acquired IDFCNSE -1.02 % Group’s private equity and real estate investment management business and plans to incrementally raise $50 million towards IDFC’s existing fourth fund. The incremental capital, along with the uninvested pool in the fourth fund, will be invested in consumption-driven companies in India, a senior company executive said. HDFC chairman Deepak Parekh has joined the global advisory board of Investcorp. “Once the acquisition is complete on January 31, we will use the greenshoe option and raise another $50 million in the fourth fund. This incremental capital,…

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L&T Realty to ink deal with Nirmal Lifestyle to develop Mulund land

Nirmal Lifestyle, which builds malls and corporate offices apart from residential projects, has been in talks with several developers to monetise its land parcel to repay debt, which stands at over Rs1,000 crore. Mumbai: L&T Realty Ltd is close to signing an agreement with Nirmal Lifestyle Ltd to jointly develop a 16-acre plot at Mulund in Mumbai. As part of the deal, L&T Realty would pay an upfront deposit of Rs400 crore to Nirmal Lifestyle, which owns the land, according to two people aware of the development. The land parcel…

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