Tamil Nadu   

IT raids on builders’ premises

CHENNAI: Income Tax personnel carried out search operations in the business premises and residences of four groups of builders and property developers based in Tiruchi on Wednesday and seized cash and jewellery worth over Rs. 34 lakh besides fixed deposits to the tune of Rs. 80 lakh. In a statement, Director General of Income Tax (Investigation) G. Muthukrishnan said the authorities detected understatement of the sale consideration in the registered documents as compared to the amount shown in the sale agreements relating to immovable properties. The searches took place in Tiruchi and Coimbatore.

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