I-T raids on shell companies continue

Source: The Hitavada      Date: 08 Apr 2017 10:17:20


Apr 7,


Raids were conducted in Mumbai, Hyderabad, Delhi, Tamil Nadu and other cities

THE Income Tax department on Friday launched multiple raids in various prominent cities against shell company operations on charges of alleged black money generation worth over Rs 100 crore.This is the second consecutive day that the taxman has undertaken country-wide searches after the black money declaration window of the Pradhan Mantri Garib Kalyan Yojna (PMGKY) closed on March 31.
iates which had made cash deposits worth Rs 6 crore post-demonetisation.

The taxman also searched 25 premises of a Hyderabad- located chit fund company which is said to have made cash deposits worth over Rs 80 crore post the notes ban. The Income Tax Department on Friday conducted searches at the premises of a group which runs a prominent chit fund company and other businesses in Andhra Pradesh and Telangana. The group is also into real-estate, media, hospitality and financial consultancy.

The searches were held at almost 30 premises of the group including residences and offices throughout Andhra Pradesh and Telangana state, official sources said. It has also conducted searches and surveys against real estate players and other business firms in and around Delhi as part of its crackdown against black money.

“Over a 100 shell firms are under the scanner of the department as part of all these operations being conducted on Friday. It is estimated that over Rs 110 crore black money is prima facie generated by these entities under the scanner,” a senior officer said.
The department also conducted similar operations at 33 locations in Chennai and adjoining areas.