Officials said the searches covered Indiabulls’ offices in Mumbai and Delhi after the I-T department received ‘actionable evidence’ to mount the actionNew Delhi: The income-tax department on Wednesday conducted searches on multiple offices of Indiabulls Group in connection with its probe against the firm on charges of alleged tax evasion. Officials said the searches covered multiple premises of the firm in Mumbai and Delhi after the department received “actionable evidence” to mount the action. “With reference to today’s email received from the exchange, we would like to state that this morning, officials of the Income Tax Department came to some of our offices to check our books, in the normal course. We are confident that these on the spot check, in the normal course, will vindicate the same,” it said. Indiabulls Housing Finance Ltd acknowledged the development in a clarification to the BSE.

Source: Mint July 13, 2016 11:48 UTC