Income-tax (I-T) raids on bicycle and parts manufacturers continued for the third consecutive day in Ludhiana on Saturday.
It has been learnt that the operation has been concluded at a unit in Dhandari area and the residences of a few industrialists but the raids were still going on at majority of the places. Police have been deputed outside the units to stop entry and exit from the building.
On Thursday, I-T had conducted raids at over two dozen premises of bicycle manufacturers including their units, offices and residences situated in different parts of the city. The industries included Neelam cycles (Seth Industrial corporation), Vishal Cycles, Gurdip Cycle industries (Ashoka), Raka cycle industries, Arpan Cycles, Willpower cycle industries etc. Officials had confiscated documents/bills and digital records from the premises.
Over 100 officials from different districts of the state are said to be part of the teams which conducted raids in Focal Point, near Partap Chowk, Dhandari Kalan, Model Town, Atam Nagar etc.
Most of the industries raided by the department have been dealing with each other and have also been participating in government tenders floated for purchase of bicycles in the past.
United cycle and parts manufacturers’ association vice-president Satnam Makkar said the raids have triggered panic in the industry and may leave a long-term impact on the industry, which is already reeling under financial crisis due to the pandemic.
{{/usCountry}}United cycle and parts manufacturers’ association vice-president Satnam Makkar said the raids have triggered panic in the industry and may leave a long-term impact on the industry, which is already reeling under financial crisis due to the pandemic.
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