Hyderabad: Taxmen on Thursday conducted their first raids against those suspecting of holding black money holders in Hyderabad and other cities after the expiry of the Pradhan Mantri Garib Kalyan Yojana on March 31.
Based on info, I-T teams from New Delhi and Ahmedabad conducted simultaneous raids against a realtor for holding Rs 100 crore of black money.
I-T teams searched branches and partners’ houses and residences of the Ahmedabad-based real estate and infrastructure in Rajkot, Mumbai, Delhi, Ahmedabad and Hyderabad.
Officials from Hyderabad said that they were not aware about the particulars of raids but a team under the supervision of an assistant commissioner of income-tax, two tax inspectors and other staff searched a small branch of the real estate company on the outskirts of Hyderabad.
“The I-T teams from Ahmedabad and Delhi conducted the raids as the company had reportedly deposited Rs 100 crore through bogus and shell firms,” an official said.