I-T department conducts searches on 20 premises of 7 developers in Mumbai

The Income Tax (I-T) department on Thursday conducted searches on 20 commercial and residential premises of at least seven developers in Mumbai.

Confirming the development, an official said the investigation wing of the department will continue the operation for a day or two. The officials did not divulge further details.

Sources said the exercise was a part of “search operation, while some were covered under survey action”. These prominent mid-sized real estate players are also into development of commercial properties.

Sources said so far the department collected some information stored in a pen drive, along with digital documents. Some money receipts were also