I-T Dept. Questioning Realty Brokers, Interior Designers

February 23, 2007	(Be the first to rate this story!)  Loading ...
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I-T department is on its look out for defaulters and carried out searches regarding the same at various locations including Maharashtra, Kochi, and Chennai. The tax sleuths have been conducted regarding realty brokers, property developers, interior decorators, and advertising agencies including others as well, say sources.

The searches are still going on and further details are awaited, says SSN Murthy, director general of investigations in Mumbai. However, he denied giving any details about the search conducted in these locations.

Murthy maintained that the searches were a part of the routine job of the investigation wing towards the end of the financial year. A senior income tax official told FE that the department carries out search and seizure operations only when there was an evidence of confidential documents or assets which have not been disclosed in an ordinary course.

The searches were conducted as a part of the daily investigation work of the wing, which is necessary to do at the end of every financial year. According to the sources, such searches are conducted only in the light of confidential information or assets which have to be concealed in an ordinary course.

During such search operations, Income tax officials are permitted to carry out a search in the residential as well as business premises of the individual, inspect his assets including vehicles, bank lockers and if need be seize the books of accounts, stocks and valuables.
IT Department has been succeeded in disclosing illegal income to the tune of Rs. 1,100 crore across the country. Likewise, a research hunt at a real estate broker in Mumbai disclosed the amount of Rs 125 crore.

News Published Under:   Real Estate India |

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