« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  Tax-free hills become investment hotspot... Cyber crooks set to be treated like criminals soon... » Emmar MGF faces income tax inquiry October, 15th 2007 Real estate company Emmar MGF, which plans to float an IPO to raise Rs 6,000 crore, is facing an income tax inquiry following raids on offices and premises of directors, promoters and group companies. "During the course of these search and seizure operations (conducted on September 12, 2007), the income tax authorities have taken custody of certain material such as documents, records, computer files and hardware, and recorded statements of certain of our officials", said the draft prospectus filed by the company with SEBI for issuing 11.74 crore shares of Rs 10 at a premium. It further said that search and seizure operations by the income tax authorities were conducted at the residences of certain directors, promoters and promoter group companies. The tax officials, however, have not sent any demand notice in connection with the search and seizure operations as they are still "examining the materials seized and statements recorded during the course of operations", the draft prospectus added. The company has also not made any provision for the tax liability that may arise in future on account of the search and seizure operations conducted by the income tax authorities. According to the draft prospectus, "pending the completion of these proceedings, tax liability if any that may arise on this account, is presently unascertainable and will be recognised upon conclusion of search proceedings."