Latest news from Noida: Orris Group, the real estate firm, is under investigation by the income tax department for tax issues.
The Income Tax department has taken action against the Orris Group, a big real estate firm in Noida. They thoroughly searched the Orris Group’s places in Noida and Greater Noida as they suspected the company might not have paid all the taxes it should have.
The tax officers who carried out the investigation are from the North Western Region of the Income Tax department. They also looked into the group’s properties in Gurugram. This is part of a bigger comprehensive effort by the Income Tax department, which has been conducting raids and checking different builders in the Delhi-NCR area for the last few days.
One important factor in the investigation is land allocation to the Orris Group. In 2011, they got land for a Bay Golf Village project in Sector 22D of the Yamuna Expressway Authority. But, by February 28 this year, they still had outstanding dues of about Rs 761.99 crore to the Yamuna Expressway Authority. This made them the biggest defaulters in the group housing category.
This is not the first time Orris Group has had problems. In June 2018, the Noida Police filed a case against their Greenbay Infrastructure company, with accusations of cheating and making fake documents. The Yamuna Expressway Authority had raised these concerns during an audit.
Later, three months after that, the group’s chairman, Vijay Gupta, along with others, faced a case filed by Delhi Police’s Economic Offences Wing. The case was about the same project, as mentioned in the FIR document.
The recent Income Tax department checks on Orris Group are part of a bigger plan to ensure transparency and compliance in the real estate sector.