Small Business

I-T raid on ABG Shipyard offices, official residences

Income Tax (I-T) authorities are carrying out search operations at various establishments of the ship- building and repairing firm, ABG Shipyard, for alleged tax evasion, an Income tax Department source said. - Govt warns against mails promising income tax refunds - Direct tax kitty grows 3.69% to Rs 1.52 lakh cr in H1FY10 - Bharati hikes open offer for Great Offshore to Rs 560/share - Life insurers seek changes in tax code - FMC levies 0.5% penalty on cash deals over Rs 20,000 - New tax code: Commerce Ministry bats for SEZs The searches are being carried out in about 26 establishments — both office complexes as well as residences of company officials — across four cities, the source added. The raids, conducted by the Director, Income Tax (Investigation) Unit 1, are being carried out in Mumbai and Surat, Dahej and Bhuj (in Gujarat). An official of the company, who asked not to be identified, confirmed the I-T raids saying these started at 7 am today. The spokesperson of the company, however, could not be reached for comments.

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