The I-T department has raided several premises of Arshiya International, the Mumbai-based logistics major, since Monday for suspected tax evasion
The Income Tax (I-T) department is carrying out searches at several premises of city-based logistics player Arshiya International Limited Company for suspected tax evasion. The company is alleged to have inflated expenditure using fake receipts and cash payments from clients.
The company, listed by the BSE and NSE, is engaged in the development of software products and supply-chain solutions for the logistic sector. According to I-T officials, the search started on Monday and was conducted at the company’s several premises in Mumbai, Navi Mumbai and Uttar Pradesh. More than 50 I-T officials were involved in the operation.
The search continued through out yesterday and perhaps will continue today. The firm has its headquarters in Mumbai and has one branch at Khurja district in Uttar Pradesh. The I-T officials recovered documents pertaining to the functioning of the company and cash transaction details. The officials are also questioning the directors and managers of the company.
“We are seeking details about the unusual business operations of the company and have seized their documents,” said an I-T officer, on the condition of anonymity. The company is a unified supply chain and infrastructure group that comprises business components, which provide free trade and warehousing zones, rail and rail infrastructure, industrial and distribution hubs, transport and handling and supply chain technology and management.