Chennai-based real estate company G Square Realtors on Wednesday said the recent Income Tax searches at its offices across the country were part of a standard procedure aimed at seeking information regarding specific financial matters.
The statement, issued by Bala alias Ramajeyam, Managing Director, G Square Realtors Pvt. Ltd., also denied reports of the seizure of ₹3.50 crore during the searches.
G-Square said the searches were of a routine nature, and were meant to ensure adherence to tax laws and other rules. Several real estate companies across the country had also been subjected to similar inspections by the tax authorities over the past few months, it added.
It said its financial transactions were fully compliant with the rules.
The company also claimed that comprehensive investigations had confirmed that it had no association with any political party or the family members of any such party.
The Income Tax Department is yet to come out with an official statement on the searches.
