Income Tax department raids at Trident Group across country
The raids are not limited to a single location, as authorities are simultaneously carrying out probes in multiple cities.
The Income Tax Department is carrying out raids on the Trident Group, a diversified conglomerate with interests in yarn, home textiles, paper and stationery, chemicals, and adaptive power.
These ongoing raids across the country are part of an investigation into potential financial irregularities, officials said.
Trident Group, founded by Padma Shri Rajinder Gupta, is a prominent player in multiple industries and operates manufacturing facilities in key locations, including Budhni in Madhya Pradesh and Barnala and Dhaula in Punjab.
The raids are not limited to a single location, as authorities are simultaneously carrying out probes in multiple cities.
More than 40 officials are currently involved in the raid at the Budhni plant located in Madhya Pradesh, officials said.
This operation extends to various premises linked to the promoters and top officials of the Trident Group.
The Trident Group, which was founded in the early years of the country's economic liberalisation, has grown to be a player across industries.
Over time, the group has diversified its portfolio to include paper, chemicals, energy, and more.
These income tax raids are expected to shed light on the financial transactions and records of the Trident Group, as authorities seek to ensure compliance with tax regulations.
Further updates on this matter are awaited
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
01:24 PM IST