« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Tax-free hills become investment hotspot... Cyber crooks set to be treated like criminals soon... » Emmar MGF faces income tax inquiry October, 15th 2007 Real estate company Emmar MGF, which plans to float an IPO to raise Rs 6,000 crore, is facing an income tax inquiry following raids on offices and premises of directors, promoters and group companies. "During the course of these search and seizure operations (conducted on September 12, 2007), the income tax authorities have taken custody of certain material such as documents, records, computer files and hardware, and recorded statements of certain of our officials", said the draft prospectus filed by the company with SEBI for issuing 11.74 crore shares of Rs 10 at a premium. It further said that search and seizure operations by the income tax authorities were conducted at the residences of certain directors, promoters and promoter group companies. The tax officials, however, have not sent any demand notice in connection with the search and seizure operations as they are still "examining the materials seized and statements recorded during the course of operations", the draft prospectus added. The company has also not made any provision for the tax liability that may arise in future on account of the search and seizure operations conducted by the income tax authorities. According to the draft prospectus, "pending the completion of these proceedings, tax liability if any that may arise on this account, is presently unascertainable and will be recognised upon conclusion of search proceedings."