IT raids on Hyderabad firms for tax evasion

Hyderabad: The income tax department on Thursday, October 17, conducted raids on various firms across Hyderabad for alleged tax evasion.

The raids are being conducted on Anvita Builders and other firms since Thursday morning. The companies were on the IT department’s radar for tax evasion for quite some time.

However, Gogee Builders and Developers chairperson Shaik Akbar rubbished reports stating that no IT raids were conducted at their offices.

Raids are being carried out by 30 teams of IT department at residences of directors and managing directors of the aforementioned firms in Jubilee Hills, Raidurgam, Kollur and Sangareddy.

As per news reports, the raids are being carried out over alleged violation of Income Tax rules and irregularities.