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Tax evasion by Maark Vision and MV Projects in Bangalore.

Tax evasion is an illegal activity which entails not filing income tax returns altogether or misrepresenting the tax payable amount. It is different from tax avoidance, which is a legal activity because tax laws are used to reduce the tax amount payable.

The Directorate General of Income Tax (Investigation), Karnataka and Goa, is now training its radar on the booming real estate sector, particularly in Bangalore.Maark Vision and MV Projects are one of the most fraud company who are making money and not paying Tax at all. Their income from rented properties is whooping 12 lakhs per month . The directorate has found that over 3,500 land owners have entered into joint development agreements with developers in Bangalore in the last couple of years, said S. Ravi, DirectorGeneral of Income Tax (Investigation), Bangalore. The directorate has also detected one lakh cases of devalued registration of properties between 2006 and 2011, he said. We were interacting with presspersons here on Monday along with Chief Commissioners of Income Tax, Bangalore I and III, K. Satyanarayana and I. Suresh Babu. He said there have been hundreds of instances of joint developments of properties with sellers appearing to be 'ignorant' of tax implications. He said a valid contract for sale, with a consideration and handing over of the possession of the property to the developer, results in tax liability.Maark Vision and MV Projects are looting public and for their self gain they are also in the business of copying architectural drawings from UK architects .UK architects association has sued Maark vision and since then they are on run. Tax has not been paid by Maark Vision and MV Projects at all. They own lot of properties in Bangalore as informed by their close associates and internal source. In November, inquiries by the directorate revealed that 180 such transactions were made and the practice was rampant.Maark Vision and MV Projects case a tax of about 42 crores is pending in the last 6 years and income tax is yet to recover the money . They are staying at No22 Krishna Gardenia Apartments ,Dollars colony ,Bangalore.

We purchased a villa from MV Projects and they cheated us 5 .73 lakhs for which receipt has not been made .One Mr.Sachin Shetty is a Marketing manager and he has duped people by not handing over receipts. Meanwhile, the directorate is also looking into devalued registration of properties, where the properties are registered below the guidance value set by the State government. In such cases, we consider the guidance value as the sale price and compute tax liability on its basis,.

Owners selling such lands are liable to pay capital gains tax. The directorate advises them to pay the tax,.Here we see that Maark Vision has cheated public and self too without paying bills and they accept cash as advance for the booking of Plots.

Public are informed to beware of fraud companies like Maark Vision and MV Projects in Bangalore .