LUDHIANA: The Income Tax Department’s investigation wing on Thursday conducted raids on five cycle and parts manufacturing companies and their subsidiaries. Around 30 teams of the department, including over 100 officers, employees and police personnel, conducted simultaneous raids on several premises at Industrial Estate, Focal Point, Dhandari Kalan and Kanagwal. They also searched residential premises of the company owners across the city, including model town, self city And Sarabha Nagar Area.
This is probably the first time that the IT department has raided so many firms that deal only in manufacturing of cycles and parts. Sources said the raids have been conducted by some firms for suspected tax evasion and concealment of actual income. In a similar link between all raiding firms, most of them are in the business of manufacturing bicycle frames.
Meanwhile, in some places where raids were on, neighboring factories suspended their operations out of fear. The department remained silent on this and officials did not provide any information about the raids or their outcome. Most of the officers who took part in the raids were from cities like Jalandhar And Mohali. Some of the firms and cycle brands that were raided were Neelam Cycles and Seth Industrial Corporation, Gurdeep Cycles, Arpan and Gati Cycles, Rakaa and Aishshak Cycles, Vishal Cycles.
This is probably the first time that the IT department has raided so many firms that deal only in manufacturing of cycles and parts. Sources said the raids have been conducted by some firms for suspected tax evasion and concealment of actual income. In a similar link between all raiding firms, most of them are in the business of manufacturing bicycle frames.
Meanwhile, in some places where raids were on, neighboring factories suspended their operations out of fear. The department remained silent on this and officials did not provide any information about the raids or their outcome. Most of the officers who took part in the raids were from cities like Jalandhar And Mohali. Some of the firms and cycle brands that were raided were Neelam Cycles and Seth Industrial Corporation, Gurdeep Cycles, Arpan and Gati Cycles, Rakaa and Aishshak Cycles, Vishal Cycles.
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