IT raids on firms after suspicion of evading tax

NT Correspondent

Bengaluru: The Income Tax (IT) department on Wednesday carried out raids at more than ten corporate companies in the city for allegedly evading taxes and submitting wrong inputs.

According to sources, simultaneous raids are being conducted in CV Raman Nagar, Bagmane Tech Park, Hulimavu, besides other locations.

Before conducting raids, the officials learned that several companies were adopting fraudulent ways to evade taxes, sources said.

It was suspected that the companies were maintaining two different sets of documents to mislead the Income Tax department. More details are yet to emerge in connection with the raids.

An official statement is also awaited.