IT raids being carried out over possession of black money

| Updated: Apr 07, 2017 02:26 IST

New Delhi [India], Apr. 6 (ANI): The Income Tax Department (ITD) retaliated against black money holders after closing of the Pradhan Mantri Garib Kalyan Yojna (PMGKY). Since the closing of the PMGKY on March 31, the IT raided around 50 locations across the country. In Ahmedabad, a group engaged in the Infrastructure Business is being searched by the ITD. More than 30 premises are being searched across the country, including in Ahmedabad, Rajkot, Mumbai, Delhi and Hyderabad. The ITD is investigating into entries obtained by the company from Mumbai and Kolkata-based operators for meaningless sub-contract charges and various other expenses, aggregating to more than 100 codes. Based on credible information of the large scale tax evasion, investigation is also being conducted at 19 places in Pune of large groups engaged in the processing and trading of agricultural commodities. (ANI)