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Income Tax department raids on realty firms in Hyderabad, Bhongir

Hyderabad: Sleuths of the Income Tax department carried out searches at the offices of several real estate firms operating out of Hyderabad and Bhongir in Yadadri district, following inputs that they had evaded payment of income tax.

The firms where the IT sleuths made searches included one owned by a politician from Alair in Yadadri Bhongir district. Another firm is located at LB Nagar in the city which is developing ventures in Yadadri Bhongir district.

IT officials also conducted searches at the residences of the directors and the offices of their subsidiary firms.The searches which began in the early hours of Tuesday continued till late night and important documents related to the financial transactions, electronic evidence including hard discs in the computers and other incriminating material was seized.