Income Tax Raids Lux Industries Over Rs 200 Crore Tax Evasion Allegation

Posted on    23 September 2023

Lux Industries, a company in the FMCG (Fast Moving Consumer Goods) sector, is currently undergoing a raid by the Income Tax Department in multiple locations, including Kolkata. The allegation against the company is related to tax evasion, with an alleged amount of Rs 200 crores involved.

Lux Industries has issued a statement in response to the Income Tax Department's actions. In their statement, the company acknowledges that a survey is being conducted at their premises and affirms their full cooperation with the authorities. However, they also note that the survey has not concluded yet, so they are unable to assess the impact of these investigations. They pledge to update the Stock Exchanges with any material impact that may result from the ongoing survey once it concludes.

 

It's important to note that such investigations and allegations should be treated as ongoing until the authorities complete their work and make any official announcements or charges. Companies under investigation are typically expected to cooperate fully with the authorities and follow due process.



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