New Delhi: Certain officials of the Income Tax Department on Friday conducted a survey at offices and manufacturing units of Indian textile major Raymond.
Raymond stated that the survey was carried out under Section 133A of the Income Tax Act, 1961.
“We hereby inform that yesterday certain officials of the Income Tax Department visited some of the Company’s offices in India for conducting a survey action under Section 133A of the Income Tax Act, 1961, the company said in a regulatory filing.
“The proceedings are currently underway, and the company is extending its full cooperation to the officials,” the filing added.
Raymond Lifestyle and Raymond Realty also disclosed the information on stock exchanges.
A survey under Section 133A is different from a search operation. While its scope is narrower, it allows authorities to inspect books of account and other documents, mark them, take extracts or copies, and even impound items.
However, impounded books or documents cannot be retained beyond ten working days without approval from the Chief Commissioner or Director General.
If records are kept outside the business premises, officials are authorised to survey those locations as well.
Raymond has had previous interactions with government authorities. In January 2024, the company settled a customs duty case filed by the Directorate of Revenue Intelligence (DRI) over the import of 142 cars by paying Rs 328 crore.
Earlier, in 2011, the Income Tax Department had conducted searches at the premises of Gautam Singhania, Chairman and Managing Director of the Raymond Group, in Mumbai and Delhi over alleged tax evasion.
Meanwhile, in the fourth quarter of the previous quarter (Q4 FY25), Raymond Lifestyle had slipped into a consolidated net loss of Rs 45 crore, compared to net profit of Rs 236 crore in the same period of FY24.
According to the exchange filing dated May 12, the revenue from operations also fell 11.3 per cent year-on-year (YoY) to Rs 1,494 crore in Q4, down from Rs 1,684 crore in Q4 FY24.
(IANS)
