Asserting that there was 'no collateral purpose' behind its action, a late night press release issued by the CBDT in Delhi said the searches were based on 'credible information of tax evasion' and 'financial irregularities'.
The CBDT said,“While certain incriminating evidence indicative of tax evasion and financial irregularities have been recovered during the ongoing investigation, no political person or its family member are today shareholders or directors of the companies searched or surveyed by the Income Tax department."
While the Central Board of Direct Taxes release did not identify the companies searched, sources said the searches conducted on five premises in the two cities included a private eye care chain.
They said while the I-T had undertaken the action on charges of suspected tax evasion by these firms, the ED was a part of the searches in connection with their investigation under the provisions of the Foreign Exchange Management Act (FEMA).

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