LUDHIANA: The investigation wing of
income tax department (Punjab and Jammu and Kashmir) conducted raids on close to 20 premises, in various parts of the state, of a cattle feed manufacturer based in Khanna.
According to sources, so far cash worth Rs 2 crore has been seized by the department from the company in the action which began at various premises of the company located at Khanna, Moga and Chandigarh.
The raids have been conducted under instructions from principal director Parneet Sachdev on suspicion of suppression of income by the company and so far six houses, several factories and godowns belonging to the owners of the company and their associates have been searched by the department.
Sources also claimed that the action is likely to continue on the company on Thursday as well and till the filing of this report, a large number of senior I-T officials were still at the premises of the company to verify stock and check accounts to probe discrepancies.
So far, cash worth Rs 2 crore has been seized by the investigation wing of I-T department.