IT raids on two companies in Ludhiana for tax evasion

The Income Tax department has raided 12 premises of two companies here for tax evasion and seized over Rs 1 crore cash.
Sources in the department said that two hosiery units owned by a family are under the scanner for massive tax evasion. The raids were conducted yesterday and continued for the second day today.
The companies also allegedly converted blackmoney into white after demonetisation in November last year and earned huge commission, they said. They also helped others to convert their blackmoney into white, they said.
The owners' residence on the College Road here and factories on the Bahadur Ke Road have been raided by the special teams of the investigation wing and five bank lockers seized.

The teams also raided the residence of a coloniser in Kitchlu Nagar and recovered about Rs 1.5 crore in cash and a large number of incrementing documents, sources said.
The raids were on till the last reports came in.
Ritesh Parmar and Amanpreet Kaur, additional deputy directors of the investigation wing of the Income Tax department, are supervising the raids.