IT raids on art gallery owners

New Delhi, Apr 17(UNI) The Income Tax Department today conducted raids on the premises of art gallery owners and art fund organisers in Delhi and Mumbai to unearth black money involved in the sale of art pieces.

Acording to an official source here the raids were carried out on the receipt of specific intelligence information.

He said the Income Tax Department had received information that substantial black money had been invested by certain people in expensive art pieces.

In Delhi, he said, some premises of owners were searched. However, a larger number of premises were searched in Mumbai.

The source said a number of fund organisers were enabling investments in art pieces, but were not disclosing the returns on the profits made.

The Department proposes to provide details of the evaders on completion of the investigations.

UNI