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The Income Tax (I-T) Department has launched a search operation on Parle Products, a leading food and beverage company that owns popular brands such as Parle-G and Bisleri. The search operation was conducted on February 7, 2023, and is aimed at verifying the company’s disclosure of foreign assets. The search operation is a result of a tip-off that the company might have made undeclared income or hidden foreign assets, which is a common practice of evading taxes.
Parle Products is one of the largest food manufacturers in India, with a wide range of products including biscuits, chocolates, and soft drinks. Its portfolio includes popular brands like Monaco, Krackjack, Bourbon, Marie Gold, Hide & Seek, Mango Bite, and Poppins. The company is well-known for its iconic biscuit brand, Parle-G, which is a staple in many Indian households.
The Income Tax Department has been cracking down on tax evaders, and the search operation on Parle Products is one of many such actions taken against big corporations and individuals who have not complied with tax laws. The department has been using advanced data analysis and AI-powered tools to track financial transactions and identify potential tax evaders.
The search operation on Parle Products is a significant step in this regard, as it is one of the largest food manufacturers in the country. The company’s relationship with the tax authorities will be closely scrutinized, and any wrongdoing will be subject to severe penalties and penalties. The search operation may also lead to the discovery of more information, such as hidden foreign assets, unreported income, and other financial irregularities.
Overall, the search operation on Parle Products is a significant development in the country’s tax enforcement efforts, and it is likely to send a strong message to other big corporations and taxpayers to comply with tax laws and regulations.