Income Tax Department has raided Bhushan Steel and Bhushan Power & Steel – Sources

The Income Tax Department has raided Bhushan Steel and Bhushan Power & Steel, reports CNBC-TV18 quoting Sources. The operations were conducted nationwide on 48 premises, both business and residential. Operations were conducted in Delhi, Chandigarh, Kolkata, Orissa, Ranchi, Mumbai, Raigarh, and Ghaziabad.

A total of 11 premises were searched under section 132 of the Income Tax Act while 37 premises were surveyed under section 133A.

Alleged bogus expenses and cash sale outside the books of accounts is the likely cause for the raids. The Delhi Investigative Wing of the I-T Department is heading the raid operations.

When contacted, Bhushan Steel says it is not aware of any raid operations

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Tagged as: Bhushan Power, Bhushan Steel, CNBC-TV18 quoting Sources., I-T Department, Income Tax Department