IT raids: Builder's office locked by department in Ludhiana

LUDHIANA: The raids being conducted by the investigation wing of the Income Tax department (Punjab and J&K) on three prominent city businessmen and their associates, finally ended on Thursday night. This action were covered sent shockwaves amongst several real estate businessmen and property dealers as department’s action covered 40 premises in Ludhiana, Mohali and Jagraon.
In latest development in this action the department on Thursday night pasted a notice signed by an ITO (Income tax officer) outside one of the searched premises of M/S Royal Builders Private Limited, Mall Road, builder of some of the commercial complexes, on which said, “Keys of this premises M/S Royal Builders Private Limited, Number 205, Surya Kiran Building, Mall Road, Ludhiana may be collected by the owner of this premise from deputy director of Income Tax (investigation),”.
According to sources, this was done as department had installed a new lock on the door of this office as previous lock had to be broken by department to enter this office yesterday, after the owners failed to open the office even after one and half day of waiting by the IT officers on Wednesday. No headway the action was converted into search after which the lock was broken and after getting hold of the documents, which the officials were looking for, the search was wrapped up and new lock was installed by IT department.
Meanwhile, sources also revealed that close to hundred persons are on the radar of investigation wing which include realtors, property dealers, professionals and investors, who are linked to the chain of sale or purchase of properties, are under scanner in this case and soon notices will be issued in these cases and these persons will be asked to submit legitimate proof of funds used for the transactions they made.