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Key Points

The Income Tax Department has initiated a survey action at Raymond's offices nationwide under Section 133A of the Income Tax Act. This legal procedure allows officials to inspect financial documents without conducting a full search operation. Raymond has confirmed its complete cooperation with the ongoing proceedings. The survey comes amid the company's recent financial challenges, including a net loss in the previous quarter.

Key Points: Raymond Offices Raided by Income Tax Department Survey

  • Income Tax Department conducts survey at multiple Raymond offices across India
  • Survey authorized under Section 133A of Income Tax Act
  • Officials can inspect documents and take extracts without full search warrant
  • Raymond confirms ongoing cooperation with tax authorities
2 min read

Income Tax officials conduct survey action at Raymond offices across India

Income Tax officials conduct survey at Raymond offices nationwide under Section 133A, examining company documents and financial records.

"The proceedings are currently underway, and the company is extending its full cooperation to the officials. - Raymond Regulatory Filing"

New Delhi, Sep 26

Certain officials of the Income Tax Department on Friday conducted a survey at offices and manufacturing units of Indian textile major Raymond.

Raymond stated that the survey was carried out under Section 133A of the Income Tax Act, 1961.

"We hereby inform that yesterday certain officials of the Income Tax Department visited some of the Company's offices in India for conducting a survey action under Section 133A of the Income Tax Act, 1961, the company said in a regulatory filing.

"The proceedings are currently underway, and the company is extending its full cooperation to the officials," the filing added.

Raymond Lifestyle and Raymond Realty also disclosed the information on stock exchanges.

A survey under Section 133A is different from a search operation. While its scope is narrower, it allows authorities to inspect books of account and other documents, mark them, take extracts or copies, and even impound items.

However, impounded books or documents cannot be retained beyond ten working days without approval from the Chief Commissioner or Director General.

If records are kept outside the business premises, officials are authorised to survey those locations as well.

Raymond has had previous interactions with government authorities. In January 2024, the company settled a customs duty case filed by the Directorate of Revenue Intelligence (DRI) over the import of 142 cars by paying Rs 328 crore.

Earlier, in 2011, the Income Tax Department had conducted searches at the premises of Gautam Singhania, Chairman and Managing Director of the Raymond Group, in Mumbai and Delhi over alleged tax evasion.

Meanwhile, in the fourth quarter of the previous quarter (Q4 FY25), Raymond Lifestyle had slipped into a consolidated net loss of Rs 45 crore, compared to net profit of Rs 236 crore in the same period of FY24.

According to the exchange filing dated May 12, the revenue from operations also fell 11.3 per cent year-on-year (YoY) to Rs 1,494 crore in Q4, down from Rs 1,684 crore in Q4 FY24.

- IANS

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Reader Comments

P
Priya S
Good to see IT department doing their job properly. Every company should pay their fair share of taxes. The recent customs case settlement of ₹328 crore does raise some questions though.
R
Rohit P
As a Raymond shareholder, this news is worrying. The stock might take a hit on Monday. The company should clarify things quickly to maintain investor confidence.
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Sarah B
It's important to remember that a survey is different from a raid. The company seems to be cooperating fully, which is a good sign. Let's wait for official updates before jumping to conclusions.
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Vikram M
This is the second time in recent years for Raymond. The 2011 case and now this survey. Hope the company maintains transparency. Indian businesses must set examples in tax compliance. 🇮🇳
M
Michael C
The article clearly explains this is a survey under Section 133A, not a search operation. People should read properly before making assumptions. The process seems well-regulated with proper checks.
A
Ananya R
Raymond has been part of our family's wardrobe for generations. Hope this gets resolved quickly and doesn't affect the brand's reputation. Their suits are simply the best! 👔

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