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IT raids Unnao-based leather firm over suspected ₹350cr tax evasion
The company has not issued a public statement on the raids but assured investors that its business operations remain unaffected. It added that it has been cooperating with tax authorities and furnishing the required documents.
The income tax department has unearthed suspected tax evasion worth ₹350 crore during nationwide raids on a prominent Unnao-based footwear and leather company. Over five days of searches at 45 locations across eight cities led to the seizure of financial records, digital devices, and documents linked to foreign investments, officials confirmed.
The company has not issued a public statement on the raids but assured investors that its business operations remain unaffected. It added that it has been cooperating with tax authorities and furnishing the required documents. Officials said, however, that the searches may impact investor sentiment, given the company’s reliance on foreign retail markets.
The operation, carried out between Wednesday and Sunday, covered corporate offices, factories, showrooms, and warehouses in Unnao, Lucknow, Kanpur, Noida, Greater Noida, Agra, Delhi, Chennai, and Kolkata. Senior officials said crucial documents, laptops, mobile phones, digital ledgers, bank records, and agreements linked to foreign investments were seized for examination during the exercise.
According to a senior income tax official, initial findings suggest serious discrepancies between the firm’s declared income and its actual turnover. Officials suspect the company of allegedly understating income, concealing transactions, and routing funds through doubtful investment channels.
The department is now scrutinising several years of tax filings and rebate claims to determine the scale of alleged evasion and financial irregularities. Officials said further action will be taken once the assessment is complete.
