Ludhiana: RAIDS Income Tax in several city bicycle companies continues on Friday.
Different teams from the departments living in factories in the industrial area, Focal Point, Phase 4, Kanganwal and Dhandari Kalan.
The investigation wing from the income tax department is still silent about why the raids are carried out and whether something pointing or not on tax evasion has recovered until now.
Sources, however, said officials were still through accounts, documents, banking transactions, property papers, among others, and even physically checking stocks of these companies to detect differences.
Raids has caused a big hatred between industrialists, who called this action unnecessary.
Speaking to Toi, a prominent cycle industry said, “This raid has sent shock waves in the cycle industry when raid companies include several well-known medium-scale companies, which only conducted original business transactions.
And some companies raiding did not have a big business need a raid.
That’s how their reputation is that people don’t believe that these companies can enjoy tax avoidance or other malpractice.
“Other entrepreneurs said,” The new industry began to get out of recession after a long time, and this action had created.
Fear among entrepreneurs .
Since Thursday, several factories and shops dealing with raid companies or located near them have suspended their operations.
“Meanwhile, different theories about why the action was taken against so many companies from the same industrial segment Round in the city.
Some say I-T actions are taken on the complaints of larger companies that feel threatened by increasing competition from medium and small companies.
Others say these companies are raided because they participate in government tenders for bicycle purchases.
But after confirmation from a different source, it appeared that only two of these companies took part in the tender.