IT raids at premises linked to Lux Industries amid allegations of tax evasion

According to sources, these raids have been initiated based on allegations of tax evasion amounting to more than Rs 200 crore by Lux Industries.

The Income Tax Department has conducted raids in multiple cities at premises linked to Lux Industries, a well-known company headquartered in Kolkata. The searches are currently underway in several cities, encompassing both office locations and residences of top company officials.

According to sources, the raids have been initiated based on allegations of tax evasion amounting to more than Rs 200 crore by Lux Industries. The investigation is aimed at uncovering any irregularities related to the company's financial affairs.

As a result of these developments, Lux Industries' stock witnessed a decline today, with a drop of 2.60 per cent. On this, Lux Industries stated, “We would like to submit that survey is being conducted at our premises and the company is extending its full cooperation to the authorities. We would like to further inform that as the survey is yet to be concluded we are unable to make assessment of its impact. Once the survey concludes, the Company will update the Stock Exchanges, in case there is any material impact resulting from the above survey”.

Lux Industries, with its registered office in Kolkata, West Bengal, is a well-established company known for its presence in the textile and apparel industry. The outcome of the ongoing raids and subsequent investigations will be closely watched, and further details are awaited as the situation unfolds. (ANI)