I-T searches against 3 real estate firms, news channel in NCR

The Income Tax Department on Friday conducted searches at the premises of three real estate developers and a regional television channel in the NCR for suspected tax evasion.

The Income Tax Department on Friday conducted searches at the premises of three real estate developers and a regional television channel in the NCR for suspected tax evasion.

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Sources said about 10 premises of the builders and a few premises of the TV channel were searched by a team of more than 60 I-T officials.

The I-T department has seized account books, computer hardware and other financial documents during the searches.

The real estate firms have developed residential properties in the national capital region and are looking to make forays in new business avenues, they said.

The department suspects non-registration of profits by the real estate groups while the premises of the TV channel were searched in order to obtain information about their funding pattern and investments, the sources said.