Income Tax Raids on Puravankara Limited: These raids, which occurred on October 4, targeted more than 40 locations across various cities, including Bengaluru, Hyderabad, and Mumbai. The purpose of these raids was to investigate alleged tax evasion and irregularities related to payments received for bookings.
Bangalore,04 October(City Times): Income Tax Raids on Puravankara Limited: The Income Tax department recently conducted a series of raids on the premises of real estate giant Puravankara Limited. These raids, which occurred on October 4, targeted more than 40 locations across various cities, including Bengaluru, Hyderabad, and Mumbai. The purpose of these raids was to investigate alleged tax evasion and irregularities related to payments received for bookings.
Massive Investments and Sales Discrepancies
According to a senior tax official, Puravankara, known for its premium housing developments, had been making substantial investments in land parcels over the past few years. However, these investments did not align with the recorded sales receipts from their projects. As a result, the Income Tax department uncovered significant tax evasions through data analysis software.(Income Tax Raids on Puravankara Limited)
Expanding Beyond Bengaluru
In recent years, Puravankara had strategically acquired multiple land parcels in the Mumbai Metropolitan Region and Pune. This expansion was a departure from its core property market in Bengaluru. Notably, their luxury portfolio, the ‘World Home Collection,’ and the mid-income project ‘Provident Housing’ gained popularity in Mumbai.(Income Tax Raids on Puravankara Limited)
Recognitions and Awards
Despite the recent tax controversy, Puravankara Limited had earned recognition and acclaim in the real estate sector. In fact, it received the prestigious ‘Iconic Brands of India 2023’ award from ET Edge just last month.
Stock Performance
Following news of the Income Tax raids, Puravankara Limited’s stock closed at 124.70 shares per share, marking a decline of -2.73 percent on the same day.
Government’s commitment to tackling tax evasion
The Income Tax department‘s actions against Puravankara Limited highlight the government’s commitment to tackling tax evasion and financial irregularities. As investigations continue, this case will likely draw significant attention from both the real estate industry and the financial sector. Stay tuned for further developments on this matter.
The Legacy of Puravankara Limited
Puravankara Limited, a renowned Public Limited Company, has been a stalwart in the real estate development and construction arena since its inception in 1975. Established under the Companies Act, 1956, this company has left an indelible mark on the real estate landscape. With a history spanning almost five decades, Puravankara Limited has earned the trust and respect of countless customers.
Safeguarding Trademarks: PURVA and PURAVANKARA
Over the years, Puravankara Limited has established itself as a symbol of quality and excellence in the real estate industry. The company holds the exclusive rights to the trademark ‘PURVA’ and ‘PURAVANKARA,’ which have been registered since 2003. These trademarks encompass various classes, including 19, 35, 36, 37, and 39.
The mark ‘PURVA’ serves as a prefix for all past, present, and future projects undertaken by Puravankara Limited. It symbolizes a commitment to delivering exceptional quality and value to its customers.
Deceptive Imitation: The Purva City Group Impersonation
In recent times, an alarming issue has come to light. An unscrupulous website, operating under the name “Purva City Group” has emerged. This entity has been actively engaged in the sale of plots in and around Bangalore, with a clear intention to deceive unsuspecting customers and the general public.
What makes this situation particularly concerning is the clever and deceitful strategy employed by this entity. By adopting the brand name ‘PURVA’ as its own, Purva City Group attempts to create an association with Puravankara Limited. Both companies cater to the same consumer segment, namely real estate, which heightens the risk of deception.
Legal Action Taken: Puravankara Limited’s Response
Puravankara Limited has taken decisive legal action against this impersonation. A civil suit bearing O.S No. 3150/2014 was filed, resulting in an injunction being granted on January 12, 2015. This injunction effectively restrains Purva City Group Properties (the defendant) from using the mark ‘PURVA’ or any deceptively similar mark.
Furthermore, an existing interim order issued by the High Court (M.F.A No. 3139/2014) is in force against the defendant, Purva City Group Properties. To reinforce their stance, Puravankara Limited is also pursuing a contempt application in the same suit.
Protecting the Public Interest
Puravankara Limited considers it their responsibility to protect the investing public from the misleading practices of Purva City Group. The unauthorized use of their registered trademarks is not only a violation of legal rights but also a potential threat to the public’s trust and confidence.
A Call to Vigilance
As of now, Puravankara Limited has neither appointed nor authorized any individual or company to act on their behalf or use their trademark and logo. Therefore, they urge the general public to exercise caution and discernment when encountering marketing activities associated with Purva City Group.
Disclaimer: This information is based on available reports and should be considered as preliminary until official statements are released by the concerned authorities.
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