Rs 1 crore cash found from pharma company in 7 surveys

The range-4 of Income tax department on Thursday found hard cash over Rs 1 crore during a raid at factory of a pharmaceutical company located at Dhandra Road.

Mohit Behl | TNN
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LUDHIANA: The range-4 of Income tax department on Thursday found hard cash over Rs 1 crore during a survey at factory of a pharmaceutical company located at Dhandra Road.

The survey was still on till the filing of this news and according to sources several incriminating documents were also found, however it was yet to be ascertained whether the entire cash found was legitimate or not.

The action was part of the one of the biggest operations initiated by income tax department this year in which 7 surveys were conducted on a single day in dozens of premises belonging to different business houses of Ludhiana, Moga and Barnala by IT department. The action comes in the wake of recent appeal made to assesses by chief commissioner of income tax, Ludhiana range Binay K Jha to pay their taxes honestly and in time or face the music.

In other actions Range-7 of department conducted survey on a leading garment manufacturing firm located in civil lines. Meanwhile Range 3 of department conducted survey on a chemical firm located on Jalandhar Bypass Road and range 5 conducted a survey at a metal firm located near Millerganj. In addition to this, surveys were being conducted in Moga and Barnala as well by the respective ranges.

According to sources, the surveys were conducted on the basis of data analysis of the tax evasion by firms and information received about heavy cash deposits by some of the firms. In some of the cases IT department has also analysed GST filing and sales shown by the company with the income tax paid by them.

Sources also revealed that after the department is continuing to issue orders under section 230 (1A) in case of chronic tax defaulters to prevent them from leaving the country without paying their due taxes and orders have been issued in some more cases recently. In addition to this two tax defaulters of the city have been issued show cause notice as why arrest warrants not be issued against them.

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