IT searches in Raymond group premises
Monday, 07 November 2011, 15:38 IST
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The Income Tax Department conducted searches in 15 premises of prominent industrialist Gautam Singhania in Mumbai, Bangalore and Chennai among others on charges of tax evasion. The I-T operation began early in the morning and was initiated by the Intelligence Directorate of the department based in Delhi on suspected violations by certain offshore funds in the company. "The searches are being conducted at 15 different residential and business premises of the group in Mumbai, Bangalore, Kolkata, Thane, Chennai, Valsad, Jalgaon and few other places," a senior I-T officer said. A Raymond spokesperson said the I-T department had been at the Raymond Limited premises since this morning. "As a responsible corporate, we are cooperating with the authorities in their search," the spokesperson said, adding that "it would be premature to discuss details at this point in time." A team of about 150 I-T sleuths began searching the official premises of the business tycoon, who is the chairman and managing director of the Raymond Group. The searches are still on and the department has seized incriminating documents, the officer said.
Source: PTI
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