I-T raids continue for Day 3 at Ludhiana jewellery firms, departmental store

Apart from checking the stock and other records at these firms, the department is also looking into the sale and purchase of properties done by the owners

The Income Tax (IT) raids at the premises of two jewellery firms and a departmental store continued for the third day on Saturday. No official word, however, is out about the raids as of now.

I-T raids continued for the third day at the Ludhiana jewellery firms and a departmental store. (HT File)

The raids were carried out at Nikkamal Jewellers on the Mall road, Sardar Jewellers in Ghumar Mandi and Mani Ram Balwant Rai Store near Pavilion mall. The raids were conducted at residences and stores.

The investigation wing of the IT department raided over 20 premises of firms located in Ludhiana and Jalandhar on Thursday.

Police force has been deployed outside the premises and mattresses were seen kept outside the stores for overnight checks. Entry and exit to the stores has also been restricted.

Apart from checking the stock and other records at these firms, the department is also looking into the sale and purchase of properties done by the owners, who are said to have made huge investments in the real estate sector in the past. The department also suspects suppression of income by the owners to evade tax.