IT raids offices of JSW Steel, JSW Energy
17 Mar 2011
Investigators from the income tax (IT) department in Mumbai yesterday conducted searches at the offices of JSW Steel Ltd and JSW Energy Ltd for alleged evasion of income tax.
According to B Gaur, director general, IT investigation, Mumbai, there was a search going on but they could not divulge details. He added that the search operation was expected to continue till evening.
The searches started early in the morning at the Mumbai and Rajasthan offices of JSW Group.
The companies, according to an official who requested anonymity said the companies had allegedly adjusted accounts to reduce tax liability.
According to JSW group spokesperson Sharmila Banerjee, who confirmed the raid at the company's Lower Parel office in Mumbai, the raids were a routine survey.
''It is part of the usual survey, and apart from that, there are no more details we have,'' she said.