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'Massive I-T raids on pros, builders reported'
February, 22nd 2007

Income tax raids across the country on major service providers, professionals and builders are reportedly underway causing ripples in the markets. However, there is no official confirmation available on the nature of raids.

When contacted CBDT (Central Board of Direct Taxes) spokesperson, A K Sinha said, No searches are being conducted on share brokers anywhere in the country.

But, officials did make it clear that on-the-spot surveys are being done by IT teams on a host of brokerage firms and builders.

While no details are available, an official announcement is expected to be made on the issue later in the day. The raids are being conducted under Section 132 of Income Tax Act.

Meanwhile, the I-T department also paid visits to the premises of several professionals and service providers in the countrys commercial capital, Mumbai.

Raids were carried out on the premises owned or operated by doctors, interior decorators, advertising agencies among others, Director General (Investigation) S S N Moorthy said.

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