I-T searches 7 developers in Mumbai

The Income Tax (I-T) department on Thursday conducted searches on 20 commercial and residential premises of at least seven developers in Mumbai.

Confirming the development, an official said the investigation wing of the department will continue the operation for a day or two. The officials did not divulge further details.

Sources said the exercise was a part of “search operation, while some were covered under survey action”. These prominent midsized real estate players are also into development of commercial properties.

Sources said so far the department collected some information stored in a pen drive, along with digital documents. Some money receipts were also found, which officials suspect were over and above the sale agreement value, which have not been accounted for in the books of accounts on sale of such units, the sources added.

The department is carrying out preliminary examination of these documents, including bank accounts and entities that have been used to route unaccounted income of many beneficiaries.