I-T raids Parsvnath offices

The Income Tax (I-T) department conducted a search of seven offices of Parsvnath Developers. The department also conducted survey in 22 premises of the company at various locations across the country.

It is said that the search was conducted because there were complaints of account discrepancy, money laundering and tax evasion.

In a search conducted under Section 132 of the Income Tax Act, investigators can enter offices and residences anytime and seize documents. It is conducted under a director of investigation or commissioner of Income Tax.

In a survey conducted under Section 133 of the Act, investigators enter premises in normal business hours and can’t seize documents. Also they can’t take any valuables with them unlike in search. This survey is conducted under a joint commissioner or a joint director.

Recently, Parsvnath announced its financial results. Its fourth quarter revenue rose 1,398 per cent to Rs360.95-crore, compared to Rs24.09-crore in the year-ago period.