IT raid on lux company’s premises, owner’s home and office also raided at 6 in the morning! – IT raids on at lux Industries offices and manufacturing units tuta
The Income Tax Department raided several locations of Lux, the country’s largest textile and inner wear manufacturing company. According to the information, at 6 am on Thursday, the Income Tax Department team simultaneously raided the office and manufacturing plant of Lux Industries located in West Bengal, Tamil Nadu and New Delhi. Apart from this, the houses of the promoters of Lux Company were also raided.
tax evasion case
Let us tell you, lux is a Kolkata based company. Till now no statement has come from the company on this action. The company is accused of tax evasion of Rs 150 crore. Meanwhile, shares of Lux Industries were seen falling on Friday. It was trading at Rs 1272, down 3.32 per cent at 2 pm.
There has been a decline in the shares of Lux Company since last one year. The stock has fallen by more than 20 percent in a year. Whereas during this period the index Nifty has increased by 12 percent.
Lux Industries business
It is noteworthy that Kolkata Best, this company was earlier known as Biswanath Hosiery Mills, it is India’s leading underwear making company, whose headquarters is in Kolkata.
Due to pressure in business, the profit of lux company has been affected. In comparison to the April-June quarter of the financial year 2022-23, the company’s profit had slipped by 64 percent in the April-June quarter of the financial year 2023-24 as compared to the previous year.
According to the data, the company’s profit decreased from Rs 51.5 crore to Rs 18.3 crore as compared to last year. Whereas the income has decreased from Rs 567 crore to Rs 523 crore.
This post originally appeared on www.aajtak.in