The Income Tax Department has raided offices of JSW Group companies for a possible tax evasion suspicion.
JSW, in a statement, said, “It’s part of routine survey being conducted by the Income Tax department. They have certain queries and we are fully cooperating with them.”An IT official, however, told Business Standard this is not a survey but a proper raid under section 132 of the Income Tax act. JSW officials could not be reached for a confirmation.
The IT team scrutinised documents related to the company’s capital expenditure, taxes, and other financial documents. Sources said the raid, which started at 8 am, was for the possible tax evasion, wrongful claims of tax deduction and on the massive capital expenditures undertaken by the group. JSW’s all four offices in Mumbai were raided. The offices in other cities, Bangalore, Bellary, Ratnagiri, were also raided. An official further said the employees were asked to leave the premises.
