I-T raids Yash Birla properties in Mumbai and Delhi
The Mumbai wing of the Income Tax department is currently carrying out searches at five companies of the Yash Birla Group for suspected tax evasion..
The Income Tax (I-T) department on Tuesday carried out raids at several premises of Yash Birla Group for alleged tax evasion.
According to an IT official, search and seizure operations were being undertaken on five companies of the Yash Birla group across Mumbai and Delhi. Officials suspect that the income declared by them is not proportionate to their income. The I-T officials are seraching a total of 15-20 premises, including the residence of group officials.
“The searches will continue on Wednesday,” said an officer on condition of anonymity.
Swatantra Kumar, director general of Income Tax was not available for comment as his mobile was switched off.
The Yash Birla Group is involved in industries like steel pipes, machine tools, cutting tools, tool holders, iron castings, power solution products, multipurpose engines pumps, electrical appliances, textiles, carpets, furnishing, lifestyle, infotech, publication, travel, electricity, property development, cotton ginning etc.