VIJAYAWADA: The surprise Income Tax (I-T) raids on various real estate firms and other companies, which started on Friday, continued on Saturday. The I-T officials have reportedly served notices on the chairmen and top employees of the concerned companies, asking them to appear before investigation officers in its Vijayawada office on October 8 and 9.
As many as 14 teams of I-T officials conducted surprise raids in 12 various places across the State on Friday, targeting mainly real estate and construction firms. During the raids, it was found that many companies have showed less income to the government by filing false I-T returns.
In Vijayawada, I-T officials conducted raids on the branch office of Hyderabad-based Southern Developers near Lord Venkateswara Temple in Labbipet, Subhagruha Projects India Private Limited in Veterinary Colony, VS Bricks and Blocks in Penuganchiprolu, VS Engineering Private Limited in Guntur and VL Logistics office near Vinayak Theatre and reportedly collected documents and hard disks from the offices. Meanwhile, the Income Tax Department brushed aside the allegations of the TDP, which termed the raids a political stunt of the BJP to corner the ruling party.