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INCOME TAX RAID ON PROMINENT BUILDERS AT BANGALORE


The Income Tax Department has RAIDED two prominent builders in the city, suspecting large scale tax evasion, though, it is said to be a `ROUTINE CHECK`, some important documents were `SEIZED` by the authorities for verification.

It is also learnt from the reliable sources that the SERVICE TAX COMMISSIONARATE may also conduct a check on the modalities of the transactions of the builders, who are suspected of evading service tax by executing tax evading agreements with the buyers.

The search went on for more than 12 hours, commenced around 8 a.m., and was conducted in about 30 offices and residential premises to ascertain tax compliance by the two real estate firms and is said to be a “routine check” to survey the documents.