I-T searches premises of master franchise of McDonald’s in India
A senior I-T official said multiple teams searched Mumbai and Pune premises of Hardcastle Restaurants.Updated: Apr 18, 2018 00:08 IST
Officials from Income Tax department on Tuesday searched multiple premises of Hardcastle Restaurants Private Limited, master franchise of McDonald’s that operates its outlets in South and West India.
A senior I-T official said multiple teams searched Mumbai and Pune premises of Hardcastle Restaurants.
While officials said they are probing alleged undisclosed revenues and evasion of taxes by the company, the firm claimed the searches were routine survey by the I-T department .
An I-T source said about 20 places owned by the company were searched, including offices and residences of its promoters. During the searches, I-T officials scrutinised several finance and accounts files pertaining to income tax.
Sources claimed several incriminating documents were seized during the searches.
A statement from Hardcastle Restaurants Private Limited said the company adheres to the highest level of corporate governance and fully complies with tax laws of the country.
“The company has been a regular tax payer. Visit by Income-Tax officials today [Tuesday] was part of a routine survey being conducted by the Income-Tax department. They have certain queries and we are fully cooperating with them”, said the company.