The Income Tax Department on Wednesday conducted a raid on the two units of Uflex, a multi-million dollar company in Noida’s Sector 60. Apart from Noida units, the I-T department also carried out raids in sister concerns of the company in eight other cities — including New Delhi, Mumbai, Alwar, Bhind, Jammu, Thane and Dehradun. Over 150 Income Tax sleuths conducted the raid that lasted for more than eight hours.
Around 10 am, I-T officials, along with the company of CISF and police force, reached the office and carried out the search till 6 pm. The organisation, in haste, announced off for the employees. It has been reported that the I-T Department was tipped off about the tax evasion worth rupees crores by the companies.
“During the investigation, we found Rs 4 crore unaccountable cash in the company and Rs 1,000-crore was found in the bank account of Uflex but when inquired, we were told that the amount was received from cash sales. However, when the sources were inquired, Rs 300-crore was found unaccountable.