I-T raids developers’ dens

The Income Tax department on Thursday raided 25 offices of two city developers — Akruti Nirman and the Rohan Group of developers. Transaction documents and some cash were seized during the raid. “The raids were conducted based on specific information. We have sought details on their accounting,” said an I-T official.

Chief executive officer of Akruti Nirman A Ramakrishnan said, “The work of government agencies like the I-T department is based on intelligence; and from time to time they conduct raids. The officials who visited our offices today were empowered to conduct searches.”

He said considering Akruti Nirman’s turnover of more than Rs 300 crore in the last financial year it was not unusual to find Rs20 or Rs25 lakh in cash in the offices.

“Akruti is not in the area of high taxation. The tax imposable upon the firm under MAT is at most 10 per cent as lots of tax concessions are available to it. And about the cash seized by the I-T officials, we will explain to the department that various payments need to be done in cash,” Ramakrishnan said.