<p>The CBDT today virtually dismissed former Finance Minister P Chidambaram's charges of vendetta in the income tax searches in some premises connected with his son Karti's associates, saying it was based on "credible information of tax evasion" and "financial irregularities".<br /><br /></p>.<p>While certain "incriminating evidence indicative of tax evasion and financial irregularities have been recovered during the ongoing investigation, the CBDT said "no political person or its family member are today shareholders or directors of the companies searched or surveyed by the Income Tax department."<br /><br />The searches and surveys on a group based in Chennai and Tiruchirappalli and another private limited company in Chennai have been conducted strictly as per provisions of the Income Tax Act, the CBDT said in a press release, hours after Chidambaram accused the government launching a "malicious onslaught" against his family.<br /><br />"These are consequential to the on-going investigations. There is no collateral purpose behind such actions and no political person or his family member are today shareholders or directors of the companies searched or surveyed by the Income Tax department.<br /><br />"Disclosure of information respecting assessees is prohibited except as provided in section 138 of the Income-tax Act, 1961," it said.<br /><br />The release said the searches were "based upon credible information of tax evasion and large scale financial irregularities" committed by a group based in Chennai and Tiruchirappalli.<br /><br />The investigation wing of the Income Tax department in Chennai has been conducting probe and as part of it, searches under section 132 (search) and surveys under section 133A (surveys) of the Income-tax Act, 1961 are being conducted at the residential and business premises of the key functionaries of the group.<br /><br />Survey is also being conducted at the business premises of another private limited company in Chennai which has shareholding in a company of the aforesaid group.<br /><br />"Certain incriminating evidence indicative of tax evasion and financial irregularities have been recovered during the on-going investigation. Further action as per law will follow," it claimed. <br /></p>
<p>The CBDT today virtually dismissed former Finance Minister P Chidambaram's charges of vendetta in the income tax searches in some premises connected with his son Karti's associates, saying it was based on "credible information of tax evasion" and "financial irregularities".<br /><br /></p>.<p>While certain "incriminating evidence indicative of tax evasion and financial irregularities have been recovered during the ongoing investigation, the CBDT said "no political person or its family member are today shareholders or directors of the companies searched or surveyed by the Income Tax department."<br /><br />The searches and surveys on a group based in Chennai and Tiruchirappalli and another private limited company in Chennai have been conducted strictly as per provisions of the Income Tax Act, the CBDT said in a press release, hours after Chidambaram accused the government launching a "malicious onslaught" against his family.<br /><br />"These are consequential to the on-going investigations. There is no collateral purpose behind such actions and no political person or his family member are today shareholders or directors of the companies searched or surveyed by the Income Tax department.<br /><br />"Disclosure of information respecting assessees is prohibited except as provided in section 138 of the Income-tax Act, 1961," it said.<br /><br />The release said the searches were "based upon credible information of tax evasion and large scale financial irregularities" committed by a group based in Chennai and Tiruchirappalli.<br /><br />The investigation wing of the Income Tax department in Chennai has been conducting probe and as part of it, searches under section 132 (search) and surveys under section 133A (surveys) of the Income-tax Act, 1961 are being conducted at the residential and business premises of the key functionaries of the group.<br /><br />Survey is also being conducted at the business premises of another private limited company in Chennai which has shareholding in a company of the aforesaid group.<br /><br />"Certain incriminating evidence indicative of tax evasion and financial irregularities have been recovered during the on-going investigation. Further action as per law will follow," it claimed. <br /></p>