The Income Tax department conducted raids on the offices and manufacturing units of Parle-G, a leading biscuit and confectionery company in India, in Mumbai’s Vile Parle area. The raids were conducted on multiple locations, including the company’s main office, manufacturing units, and the residences of its top executives.
According to sources, the raid was conducted under the provisions of the Income Tax Act, 1961, and the Benami Transactions (Prohibition) Amendment Act, 1988. The Income Tax department was looking for undisclosed income, unaccounted assets, and benami transactions by the company and its directors.
The raids were conducted by a team of hundreds of Income Tax department officials, who were supported by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED). The officials seized documents, digital data, and other records related to the company’s financial transactions, corporate assets, and personal finances of its directors.
The search operation was carried out at multiple locations, including the company’s main office in Kurla, its manufacturing facilities in Vile Parle, and the residences of its directors in Mumbai’s posh localities. The officials were also looking for evidence of false expense claims, cash transactions, and misuse of company funds.
According to sources, the Income Tax department is looking into allegations that Parle-G has been using bogus directors, false identities, and shell companies to evade tax and conceal its actual income. The department is also investigating whether the company has transactional differences with various suppliers, contractors, and banks to avoid tax liabilities.
The raids are being seen as a major crackdown on tax evasion by a prominent Indian company. The move is expected to send a strong message to corporate entities and high-net-worth individuals that the Income Tax department is committed to eradicating tax evasion and increasing tax compliance in the country.
The Parle-G group is one of India’s largest and most well-known food and beverages companies, with a turnover of over Rs. 5,000 crore. The company is known for its popular brands like Parle-G, Gits, and Mango, among others. However, the raids have raised concerns among the company’s employees, customers, and stakeholders about the impact of the tax department’s action on the company’s business operations and future prospects.