The government said no nationwide searches were being conducted by the Income Tax Department on stockbrokers and stockmarket intermediaries.
NEW DELHI: Government on Thursday denied that the tax man was raiding the premises of stock brokers and other market intermediaries, while admitting searches were being conducted on doctors, designers and realty players in various parts of the country.
"No searches are being conducted on stock brokers and other stock market intermediaries as erroneously reported in the media," Central Board of Direct Taxes (CBDT) spokesperson AK Sinha said.
He, however, clarified that IT officials have conducted search operations on certain diagnostic centres, doctors and interior designers in Mumbai, on real estate players in Pune, and on IT firms in Cochin at the local level.
Another search has been conducted against a flour mill in the national capital, he said, adding that the Pune IT officials have also conducted consequential searches against a party in Chennai.
Sinha declined to elaborate on the searches, but said there was no truth in reports about nationwide searches on the premises of stock brokers and market intermediaries.
He, however, did not rule out the possibility of raids against persons illegally involved in trade of shares.
"The decision about any search operation against any party is taken by the field officers at the local level and no directions are issued by the CBDT or government in this regard," Sinha said.
Since July 2006, the surveys by IT department have helped track undisclosed income to the tune of Rs 1,100 crore across the country, he said, adding that a search against a real estate party in Mumbai last month resulted in disclosure of Rs 125 crore.
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