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| IT officials raid premises |
| One of the houses raided by Income Tax officials in Bangalore on Tuesday belonged to realtor Gottigeri Manjunath (standing in balcony),
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| INDIA
, 27-June-2007
1:22:39 AM |
| In a pre-dawn swoop for income tax violations, officials from the investigation wing of the Income Tax Department (IT) mounted a major search and seizure operation on the office and residential premises of several prominent land developers and investors in the city on Tuesday. They recovered huge cash and documents pertaining to investments on lands and banks.
According to IT officials, the search had so far yielded more than Rs. 1 crore in cash, and several documents relating to investments made on land along with records pertaining to investments made in banks were seized. The preliminary estimates put the figures running into crores of rupees and the exact quantum of undisclosed income was yet to emerge, officials said. The raids were still on even as this report went to print.
The premises belonging to inter alia realtors Gottigere Manjunath, Kupendra Reddy and Reddy Veeranna, and advocate Suresh Reddy came under the IT officials’ scanner. When presspersons rushed to the residence of Mr. Manjunath at Gottigere, they were kept at bay by his supporters.
In all, 28 teams, accompanied by State police personnel, raided 25 premises in the operation that began at 4.30 a.m., said an official who participated in the search. The department had hired 45 private vehicles to ferry the officials and the police personnel to different parts of the city. Asked why realtors were targeted, the official said, “You know better where the money is these days. Real estate, obviously.”
Officials also said they had to seek reinforcement of the police as well the IT Department personnel at the Bannerghatta area after crowds gathered near the places where the raids took place. The premises of realtors located at Sadashivnagar, Gandhinagar and Lavelle Road were also searched.
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