Ludhiana: Income tax raids on cycle manufacturers continue

Raids by the income tax department on cycle and parts manufacturers in Ludhiana continued for the second consecutive day on Friday

Raids by the income tax department on cycle and parts manufacturers in Ludhiana continued for the second consecutive day on Friday.

Over 100 officials from different districts of the state were part of the teams which conducted raids on cycle manufacturers in Ludhiana in areas like Focal Point, near Partap Chowk, Dhandari Kalan, Model Town and Atam Nagar. (HT)

Raids were conducted on the premises of Neelam Cycles (Seth Industrial Corporation), Vishal Cycles, Gurdip Cycle Industries (Ashoka), Raka Cycle Industries, Arpan Cycles and Willpower Cycle industries among others. As per information, IT officials remained inside the buildings at night and police were deputed outside the units to stop entry and exit from the building.

Over 100 officials from different districts of the state were part of the teams which conducted raids in areas like Focal Point, near Partap Chowk, Dhandari Kalan, Model Town and Atam Nagar.

It is learnt that during investigation, officials confiscated documents/bills and checked computerised records of industrialists. Most of the industries raided by the department have been dealing with each other and been participating in government tenders floated for purchase of bicycles.

UCPMA delegation visits industrial units

A delegation of the United Cycle and Parts Manufacturers Association (UCPMA) visited industrial units where raids were being conducted on Friday. However, they were not allowed to enter.

General secretary of the association, Manjinder Sachdeva, stated that the industry is already reeling under crisis and the raids will further impact it negatively and might result in reduction of working capital.