Income tax raids over 2 dozen premises of cycle traders in Ludhiana

 







On suspicion of tax evasion, the investigation wing of the Income Tax (I-T) department carried out raids at over two dozen premises of cycle and parts manufacturers in the city, including Neelam cycles (Seth Industrial corporation), Vishal Cycles, Gurdip Cycle industries (Ashoka) and others, on Thursday.

As per information, around 30 teams of the I-T department participated in the raids, which were simultaneously carried out at industrial units, offices and residences of the industrialists. The raids were conducted in the morning and heavy police force was deployed outside the premises where raids were being carried out, to stop the entry and exit from buildings.

Over 100 officials from different districts of the state are said to be part of teams which conducted raids in different parts of the city including Focal Point, near Partap Chowk, Dhandari Kalan, Model Town, Atam Nagar etc.

It is learnt that during the investigation, the officials also confiscated documents/bills and checked the computerised records of the industrialists. Most of the industries raided by the department have been dealing with each other and have also been participating in government tenders floated for purchase of bicycles in the past.

Panic grips industry

Soon after the raids were conducted by the department in the morning, panic gripped the bicycle industry. Messages were being floated on social media groups and a few industrialists, who were associated with those on whose premises raids were conducted, had also shut down their units in Focal point area.

Source:/https://www.hindustantimes.com/cities/chandigarh-news/income-tax-raids-over-2-dozen-premises-of-cycle-traders-in-ludhiana-101634844999733.html

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