Income tax action on prominent builders continues

After two days, the officials keep searching for documents

Chhatrapati Sambhajinagar: The Income Tax (IT) department continued its raids on prominent builders at 20 locations in Chhatrapati Sambhajinagar for the second day, with officials scrutinizing documents and gathering information about projects, sales, and assets. The raids, which began on Thursday, have sent shockwaves through the city's construction sector and sparked speculation among traders about who might be next.

IT officials, working in teams of 50 to 60, have been verifying sales figures, checking RERA records, and assessing the value of jewellry and precious metals found in builders homes. The talks of the raids have expanded to other parts of Maharashtra, raising concerns about potential tax evasion and undisclosed income. The IT department has remained tight-lipped about the specific reasons for the raids, but the action has undoubtedly sent a strong message to the construction industry. Builders are now scrambling to ensure their financial records are in order and that they are compliant with all tax regulations.

Discussions going round in the city

Everyone in the industry was predicting what triggered this action in their own way. This action was discussed not only in the construction sector of the city but also in the construction sector of all over Maharashtra. Even in the city traders were speculating on who the next move would be.

Finger on the face of the authorities

The officials at the IT department in Cantonment area have also participated in this operation. An official said that further information will be given after the action is completed.