New Delhi, Feb 22 (UNI) The Central Board of Direct Taxes (CBDT) today denied reports that nation-wide searches were being conducted by the Income Tax Department on stock brokers or other stock market intermediaries.
''There is no truth in such reports. There are no nation-wide searches being conducted by the Income Tax Department. No searches are being conducted on stock brokers and stock market intermediaries as erroneuosly reported in the media,'' Mr A K Sinha, a spokesman of the CBDT, told mediapersons here at a hurriedly convened press Conference.
Mr Sinha, however, said there have been search and seizure operations at the local level. For instance, there has been a search operation on real estate developer in Pune.
In Mumbai, the Income Tax Department has carried out a search operation on interior decorators, diagnostic centres and doctors.
There have been consequential searches in Aurngabad and Kolhapur.
There has also been a search operation on an Income Tax firm in Cochin and a flour mill in Delhi.
Mr Sinha also denied there has been any increase in search and seizure operations this year. The number of warrants issued from April to November 2006 were of the order 2,100. In 2005-06 till March the warrants issued were 3,300. ''But there is an improvement in the quality of these operations,'' he said.
In this regard, Mr Sinha said a raid in Mumbai resulted in declaration of Rs 125 crore--the biggest ever in the history of the IT Department.
Mr Sinha said some channels have been reporting since morning that nation-wide search operations were being conducted on stock brokers.
''I have confirmed with DG Investigation, that there have been no search or seizure operations on a nation-wide basis,'' he said.
The hurry in convening the Press Conference probably had an eye on the stock markets, which of late has been showing high volatility.
UNI
''There is no truth in such reports. There are no nation-wide searches being conducted by the Income Tax Department. No searches are being conducted on stock brokers and stock market intermediaries as erroneuosly reported in the media,'' Mr A K Sinha, a spokesman of the CBDT, told mediapersons here at a hurriedly convened press Conference.
Mr Sinha, however, said there have been search and seizure operations at the local level. For instance, there has been a search operation on real estate developer in Pune.
In Mumbai, the Income Tax Department has carried out a search operation on interior decorators, diagnostic centres and doctors.
There have been consequential searches in Aurngabad and Kolhapur.
There has also been a search operation on an Income Tax firm in Cochin and a flour mill in Delhi.
Mr Sinha also denied there has been any increase in search and seizure operations this year. The number of warrants issued from April to November 2006 were of the order 2,100. In 2005-06 till March the warrants issued were 3,300. ''But there is an improvement in the quality of these operations,'' he said.
In this regard, Mr Sinha said a raid in Mumbai resulted in declaration of Rs 125 crore--the biggest ever in the history of the IT Department.
Mr Sinha said some channels have been reporting since morning that nation-wide search operations were being conducted on stock brokers.
''I have confirmed with DG Investigation, that there have been no search or seizure operations on a nation-wide basis,'' he said.
The hurry in convening the Press Conference probably had an eye on the stock markets, which of late has been showing high volatility.
UNI
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