Real Estate Chandigarh

Residential and Commercial properties in Chandigarh..

05 September 2006

IT raids at real estate dealers’ premises

The Income Tax department today conducted raids at the premises of a number of real estate dealers in the tri-city and recovered crores of “unaccounted money”. In the raids conducted across Chandigarh, Panchkula, Mohali and Zirakpur, I-T officials, till the filing of this report, had recovered around Rs 50 lakh from 20 premises belonging to six to seven real estate dealers.
A senior I-T official said, “The real estate dealers made crores in the property boom last year and did not disclose the same to the department. They did not account for all the transactions they made.”
According to reports, more than 100 I-T personnel led by the Director (Investigations) were carrying out the raids. The raids, which started simultaneously at 8 am cross the tricity, are expected to continue throughout the night.

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