The Income Tax department conducted raids in many under construction buildings/hotels in the city here on Thursday.
However, the sudden enforcement drive launched by the Income Tax department took many traders or businessmen by surprise here on Thursday. The raids are being carried out only to find out the source of fund that the businessmen are investing in these building projects and to see if there is any financial irregularity, said the officials concerned of the Income Tax department, while carrying out the enforcement drive.
Since the investigation is on to find out the sources of fund, in case any financial irregularities are found, necessary action as per the law would be taken against such people, added the officials concerned of the income tax department.