The income tax (IT) department has taken the decision to put Niwas Promotors Pvt Ltd’s under-construction group housing project Troy in Greater Noida West under hammer because the developer has defaulted on paying Rs 1.63 cr as tax deducted at source.
This is the first time the IT department would auction any property in Noida.
The developer did not pay the TDS and also ignored several notices served to them, said H N Rai, TDS officer. The IT department attached the property in January 2018 and decided to auction it. The reserve price has been fixed at Rs 3.01 cr. The project has five towers each having five-storey plus two floors as basement.
Rai said the auctioning process would start on October 25, 2018 at 11.30 am in IT department office in Sector 24. The highest bidder would be allotted the property. The money recovered will also be used to clear the dues of Greater Noida Industrial Develpment Authority.
In the second case, Vishnu Buildtech Private Limited’s 14,000 square metre plot in Dadri for non-payment of Rs 1.97 cr tax. Ram Avtar, tax recovery officer, Noida said the developer was allotted land for different projects in Noida, Greater Noida and Dadri.
However, over a period of time, he failed to furnish IT returns. The tax assessment officer analysed his property and issued a notice for tax recovery.
The IT department investigated the matter and found the developer Narendra Bhati based in Ghaziabad. “He said the company had suffered loss and he was unable to pay the tax,” Avtar said.
The taxmen scanned documents and found he owned some land in Dadri. On Thursday, tax men reached the spot and pasted attachment notices on the property. The IT department also made public announcement on drumbeats prohibiting sale and purchase of the said attached property.