The Income Tax (I-T) department is conducting a survey action on entities linked to textile and apparel conglomerate Raymond group.
The survey action, which commenced on Thursday and continued on Friday, pertains to the group’s real estate business, said people familiar with the matter.
A survey action by tax authorities differs from searches. A survey action is limited to the official premises and is conducted only during business hours.
In a regulatory filing on Friday, Raymond said it is extending full cooperation to the authorities.
“We hereby inform that yesterday certain officials of the Income Tax Department visited some of the Company’s offices and manufacturing units in India for conducting a survey action under Section 133A of the Income Tax Act, 1961. The proceedings are underway and the Company is extending its full cooperation to the officials,” Raymond said, in the filing.
Gautam Singhania is the chairman of Raymond Realty, a real estate company recently demerged from Raymond Ltd. He also serves as the chairman and managing director of parent Raymond. The demerger saw Raymond shareholders get one share of Raymond Realty for every Raymond share held.
