  Ir$_{1-x}$Pt$_x$Te$_2$ is an interesting system showing competing phenomenon
between structural instability and superconductivity. Due to the large atomic
numbers of Ir and Te, the spin-orbital coupling is expected to be strong in the
system which may lead to nonconventional superconductivity. We grew single
crystal samples of this system and investigated their electronic properties. In
particular, we performed optical spectroscopic measurements, in combination
with density function calculations, on the undoped compound IrTe$_2$ in an
effort to elucidate the origin of the structural phase transition at 280 K. The
measurement revealed a dramatic reconstruction of band structure and a
significant reduction of conducting carriers below the phase transition. We
elaborate that the transition is not driven by the density wave type
instability but caused by the crystal field effect which further
splits/separates the energy levels of Te (p$_x$, p$_y$) and Te p$_z$ bands.
