The Hindu : Front Page : I-T raids on art gallery owners

Online edition of India's National Newspaper
Wednesday, Apr 18, 2007
ePaper

Front Page

Front Page

I-T raids on art gallery owners

Special Correspondent

To unearth black money transactions over art pieces

NEW DELHI: Sleuths of the Income Tax Department on Tuesday carried out raids on more than 30 premises of art gallery owners and art fund organisers in Delhi and Mumbai to unearth black money transactions over art pieces.

According to a senior IT official, the raids were conducted on over 30 premises of eight art gallery owners and art fund organisers in Delhi and Mumbai. The operations were undertaken on information that black money was being invested in paintings by eminent artists, leading to a massive tax evasion.

While 11 premises belonging to four art gallery owners were raided in Delhi, nearly 20 premises of another four owners were searched in Mumbai. While claiming to offer higher returns, these gallery owners and fund organisers were raking in massive investments in works of art without revealing the consequent gains in their tax returns.

Noting that the operation was quite similar to the investment of black money in real estate, the official said: "We have noticed that some people are now buying art pieces at very high prices, but were showing lower value in account books to save tax and to convert black money into white."

The official said further details would be revealed only after completion of the investigations.

Printer friendly page
Send this article to Friends by E-Mail

Front Page