Kolkata (West Bengal) [India], September 22 : The Income Tax Department has initiated raids at multiple premises linked to Lux Industries, a well-known company headquartered in Kolkata.
The searches are currently underway in several cities, encompassing both office locations and residences of top company officials.
According to sources, these raids have been initiated based on allegations of tax evasion amounting to more than Rs 200 crore by Lux Industries.
The investigation is aimed at uncovering any irregularities related to the company's financial affairs.
As a result of these developments, Lux Industries' stock witnessed of 2.60 per cent. This development has generated interest among investors and the business community.
Lux Industries, with its registered office in Kolkata, West Bengal, is a well-established company known for its presence in the textile and apparel industry.
The outcome of the ongoing raids and subsequent investigations will be closely watched, and further details are awaited as the situation unfolds.
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