I-T Dept conducts survey action on premises linked to Raymond Group

Certain officials of the Income Tax Department conducted a survey action on Indian premises linked to Indian textile-major Raymond on Thursday, the company announced.

"The officials visited the company's offices and manufacturing units in India for conducting a survey action under Section 133A of the Income Tax Act, 1961, Raymond said in a regulatory filing on Friday.

Raymond Lifestyle and Raymond Realty disclosed the information on stock exchanges in filing. The I-T survey is still underway.

What is a survey by Income Tax department?

A survey under Section 133A of the Income Tax Act differs from a search operation. While its scope is narrower, the powers are wide enough to detect possible tax evasion on income earned.

During an I-T Dept survey, officers are empowered to inspect books of account and other documents, place identification marks on them, and make extracts or copies. They may also impound books or documents, though these cannot be retained beyond ten working days without the approval of the Chief Commissioner or Director General.

If the person surveyed states that books or other items are kept outside the business premises, officers can visit and survey that location as well.

Raymond's past with govt departments

In January 2024, ET reported that the Raymond Group, led by Gautam Singhania, settled a case of alleged customs duty evasion filed by the Directorate of Revenue Intelligence (DRI) over the import of 142 cars by paying Rs 328 crore.

Read more: Customs case: Singhania-led Raymond Group pays ₹328-crore penalty

In 2011, the Income Tax Department conducted searches at the premises of Gautam Singhania in Mumbai and Delhi over alleged tax evasion. when a team of about 150 I-T sleuths began searching the official premises of the business tycoon, who is the Chairman and Managing Director of the Raymond Group.