Income tax

Ludhiana: tax raids on cycle manufacturers continue

The tax service raids on bicycle and parts manufacturers in Ludhiana continued for the second day in a row on Friday

The tax service raids on bicycle and parts manufacturers in Ludhiana continued for the second day in a row on Friday.

Raids were carried out 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. According to reports, IT officials stayed inside the buildings overnight and police were sent outside the units to prevent entry and exit of the building.

More than 100 officials from different districts of the state were part of the teams that carried out raids in areas like Focal Point, near Partap Chowk, Dhandari Kalan, Model Town and Atam Nagar.

We learn that during the investigation, officials confiscated documents / invoices and checked the computer files of industrialists. Most of the industries raided by the department deal with each other and participate in government tenders for the purchase of bicycles.

A delegation from the UCPMA visits industrial units

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

The association’s general secretary, Manjinder Sachdeva, said the industry is already in crisis and the raids will still have a negative impact on it and could lead to reduced working capital.

The department had searched Thursday more than twenty premises of manufacturers of cycles and spare parts located in different districts of the city.

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