IT raids on pan masala group | india | Hindustan Times
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IT raids on pan masala group

Income Tax department on Friday conducted searches at the premises of a prominent Kanpur- based 'pan masala' manufacturing group 'Pan Bahar' and claimed to have seized gold bars and about Rs 50 lakh during the operation.

india Updated: Jan 28, 2011 17:21 IST

Income Tax department on Friday conducted searches at the premises of a prominent Kanpur- based 'pan masala' manufacturing group 'Pan Bahar' and claimed to have seized gold bars and about Rs 50 lakh during the operation.

Suspecting tax evasion by the firm, the department also conducted searches at the business premises of the group in the national capital and seized documents and account books to find out if there was any tax evasion, a senior IT official, who did not not want to be identified, said.

He said about 25 premises were searched in Kanpur and Delhi by a team of about 70 officials.

"Gold bars, weighing three kilograms, have been seized while cash totalling Rs 50-55 lakh was seized," they said.

Phone calls to the Kanpur office of the firm were answered with a reply that "although the I-T searches are going on the top bosses are not here."

The group, according to the IT official, is a prominent 'pan masala' manufacturer and has businesses in various states in northern India. The firm also brings out a 'pan masala' under the brand name 'Wah'.

"The department suspects evasion of taxes by way of under-reporting of profits and not maintaning proper sale records," the official said.