The income tax department has conducted a search operation on Mumbai-based Kanakia Group. The raids were conducted early morning, in Mumbai and Lucknow, for alleged tax evasion pursued by Kanakia Group, reports CNBC-TV’s Ashwin Mohan quoting sources.
The income tax department is surveying 10-12 premises of the Kanakia Group. The Kanakia Group has interest in hospitality, real estate and entertainment. It also holds majority stake in Cinemax India. Cinemax India stock has dipped to 7.81% on the back of this update. Sources added that Kanakia Group is unreachable for comments.