I-T dept conducts searches at Omaxe group in several cities: Report

The Income-Tax department on Monday is known to be conducting searches at real estate developer Omaxe Group. Several premises of Omaxe Group are covered in the search. Searches are going on at Delhi, Uttar Pradesh, Haryana and Punjab, reported news agency ANI quoting sources.

At least 30 locations in Delhi-NCR and a few others in Uttar Pradesh and Punjab are being covered where the tax department officers are looking at company documents and financial transactions primarily related to their real estate business, officials said.

Omaxe is one of the leading real estate developers of Delhi-NCR. It also has a significant presence in similar product projects of Punjab, Haryana and Uttar Pradesh.

Post this news Omaxe Group shares closed 2.49 per cent lower at Rs 86 apiece on BSE on Monday.

Earlier, Omaxe Ltd had reported a consolidated net loss of Rs 38.56 crore for the quarter ended December.

Its net loss stood at Rs 95.24 crore in the year-ago period.

Total income rose 75 per cent to Rs 184.26 crore in the third quarter of this fiscal from Rs 105.40 crore in the corresponding period of the previous year, according to a regulatory filing.

Also Read: RBI imposes monetary penalty on Ahmedabad-based co-operative Bank

Also Read: India will ensure steady coking coal cargoes to allay supply concerns