Income Tax Raids On Businessman Continue For Second Day TAXCONCEPT

The search on a city-based businessman and an associated builder and educationist continued for the second day as income tax department (I-T) teams are believed to have seized documents and records of financial transactions from their commercial and residential properties.The businessman, believed to be close to the kin of a prominent politician from Gujarat, has interests in pharmaceuticals, real estate, finance and the food business. The I-T department has remained tight-lipped about thesearch, as further details are likely to emerge later this week.Another search ahead of the festivities on real estate developers yielded records of transactions worth crores and overseas transactions which are currently under the scanner, sources said. tnn
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