Ludhiana: Income tax department conducts raids on several bicycle companies

LUDHIANA: The investigation wing of the income tax department is conducting a big action in Ludhiana since Thursday morning.
According to sources, raids are being conducted on firms dealing in bicycles and parts and more than eight premises belonging to five companies are being covered in this action.
Some of the locations where the IT action is going on include factories based in Industrial Estate near Partap Chowk, Focal Point Phase Four, Dhandari Kalan, and residential premises located in Model Town, Atam Nagar, Sarabha Nagar.
Several teams comprising of about 100 IT department officials and staff with heavy police force struck simultaneously at all these premises. As of now, there is no clarity about why these raids have been conducted but several theories are doing rounds which include suppression of income by some of the raided companies.
IT department meanwhile is tight-lipped over the action and despite repeated attempts to contact the officials none of them responded to the calls.
Sources say one common link which has emerged in this case is that majority of the companies on whom IT action is going on are regular participants in the government tenders of purchase of bicycles.