Tax evasion: I-T raids at more than 10 corporate companies in B’luru

Bengaluru: The Income Tax (I-T) department on Wednesday initiated raids at more than ten corporate companies here for allegedly evading taxes and submitting wrong inputs.

According to sources, simultaneous raids are being conducted in C.V. Raman Nagar, Bagmane Tech Park, Hulimavu, besides other locations.

Before conducting the raids, the officials learned that the said companies were adopting fraudulent ways to evade taxes.

They also came to know that the companies were maintaining two sets of documents to mislead the I-T department.

More details are yet to emerge regarding the raids.

An official statement is also awaited.