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IT Department eyes Chennai builders

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The Income Tax Department officials in the early hours raided the two top builders office and residences concurrently in Chennai and other parts of the Tamilnadu. As per the source saying at the www.propertykhazana.com the total tax avoidance by the two companies was almost 25 crores and gathering the information from the confident sources, IT officials carried out the raid at the office and residences belonging to Jain Builders and VGN Homes, which ended with recovery of several secret documents and black money of more than 2 crores.
In the meantime, the IT Raid was carried out simultaneously in all the branch offices and residences in Chennai, Bangalore, Coimbatore, Vellore and Cochin. A big battalion of IT department officers took part in the raid and said to the sources and www.propertykhazana.com that the two companies have evaded paying tax to the government and the search is on to trace the illegal and benami bank accounts and other property details, added the IT Officers.
No officer was ready to comment on the illegal properties and documents recovered, but it was revealed by the confident source that a huge sum of black money, jeweler and property transaction papers and receipts was seized in the raid. For interesting realty updates click www.propertykhazana.com.
Source: NBTVLIVE

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