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Kanpur: On Friday, Sources said on the Income Tax Department raided the premises of a Kanpur-based tobacco company and seized Rs 4.5 crores. Raids have been conducted at 20 locations of the company including Kanpur, Delhi, Mumbai and Gujarat.
The officials said that at the residence of the owner of the company in Delhi were also found several luxury cars worth over 60 crores, including a Rolls-Royce Phantom, McLaren, Lamborghini, and Ferrari. On Thursday evening, Bansidhar Tobacco Private Limited, based in Kanpur, was raided by an Income Tax Department team .
The Income Tax Department alleges that the tobacco company, which supplies raw materials to other firms, evaded filing taxes and GST on a large scale. According to sources, the tobacco company was issuing fake checks to the company shown in the accounts, but on the other hand was supplying the product to other big pan masala houses.
The tobacco company used to show a turnover of Rs 20-25 crores which is actually more than Rs 100 to 150 crores. The Income Tax team also reconciled the assets and income of the company and its owner, along with many important documents and laptops, officials added. Raids were continuing at many locations on Friday.
