Income tax raids on premises of leading steel manufacturer in Panchkula, Delhi, Himachal among 25 other places

The Hush Post: Twenty five premises of a renowned steel manufacturer of the region were raided by the Income Tax Department. The operation was carried out by the principal directorate of income tax (investigation) Haryana and Himachal Pradesh, according to a news report published  in a leading national daily.

Homes, factories and offices of the owners of the group located in Delhi, Panchkula, Kala Amb (Himachal Pradesh), Sonepat, Panipat, Karnal, Faridabad and Dhanbad (Jharkhand) were raided. Around 300 IT officials swooped down on the offices and factories of the steel manufacturer, originally belonging to Sonepat, after receiving specific input about the owner suppressing actual income and paying less taxes.

A high ranking Income Tax official was quoted in the news report as saying, “The modus operandi of the owners was to suppress the actual income by reducing the profits by 35 to 40 per cent which they were doing by arranging bogus bills of shell companies. So far suppression of income to the tunes of Rs 100 crore has been established which might rise once the operation concludes”.

Leave a Reply