Income tax raids on infrastructure, realty firms

Nagpur: Taxmen swooped down on two city-based business groups — M/s D P Jain Private Limited, and Om Shiv Builcon Private Limited — on Tuesday. The companies are engaged in infrastructure and realty sectors respectively. It has been learnt that income tax searches and surveys were carried out in over 10 premises which included residences belonging to promoters of the two companies. D P Jain is engaged in works like building highways, airstrips, and irrigation projects. The company is headed by brothers Deepak and

Girish Jain

and has registered substantial growth in recent years. Om

Shiv Buildcon

too is headed by brothers — Ravindra, Shekhar and

Pramod Kapse

and has works at

Besa Beltarodi

and other parts of the city off Wardha Road. Three chartered accountants related to the infrastructure company have also been covered in the raid, said sources. D P Jain has its office near

Law College Square

and the other company is based at Khamla. The operations continued till late evening on Tuesday and are expected to be continued for a couple of days at least. Apart from Nagpur, premises in Delhi, Kolkata and

Bhopal

were also covered in the raid. The income tax department carried out a survey in the offices and searches were carried out in the residences at Dharampeth, Ram Nagar and Khamla. In a survey, the income tax department does not seize any of the assets but the books of accounts can be impounded. Assets such as cash and jewellery can be seized from the premises covered under search. The raid conducted on these two companies are independent of the income disclosure scheme 2016 launched by the ministry of finance.