Noida, Feb 21 The Income Tax Department conducted simultaneous raids at 20 locations of Uflex Company in Noida and at its 64 premises across the country on Tuesday.
As per sources, information was received about tax evasion and unaccounted transactions by the company, following which a survey was conducted by the I-T department.
The accounts of the company, that deals with packaging, were being monitored for a long time.
According to sources, raids were conducted at the locations of Uflex Group across the country at around 5 a.m., including Noida, Delhi, Gujarat, Madhya Pradesh, Tamil Nadu among others.
The company's office in Sector 4 of Noida was raided by five teams, during which the employees of the accounts section were not allowed to leave the office and their mobiles and laptops were searched to extract details of account transactions.
A major discrepancy has been found in the transaction details, said sources.
According to sources, the total valuation (market value) of the company, which was established in 1988, is Rs 3,509 crore.
As per the report provided by the company, its last year's total income stood at Rs 4,152.359 crore and the total sales stood at Rs 4,069.711 crore, while the net profit stood at Rs 143.266 crore.
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