Income-tax department officials today searched 50 premises of Suzlon group, which included 30 sites and 20 offices. The company is involved in the production of energy by installing windmills and windfarm project.
The search was conducted to check the date of purchase of windmills on which buyers claim depreciation. "Buyers of windmills claim more depreciation on plant and machinery in their accounts, resulting in reduction of profit. Less profit, hence, less tax," explained an IT official.
He also said the search will continue for at least 10 days. "This is a big survey and will take much time," the official said.
Suzlon company executives in Pune clarified that the I-T department had sent several teams to Suzlon offices and windfarms, it was not a raid, only a search and that they were cooperating with the officials.
"We have nothing to hide and are cooperating with the officials in every way possible," a company spokesperson said.
Official sources from I-T department revealed that 50 teams of I-T officials are busy conducting search and survey operations at offices of Suzlon in Rajkot, Jamnagar, Junagadh, Diu, Upleta, Baroda, Surat, Satara, Mumbai, Pune Delhi, Kolhapur, Dhulia and other premises.
The group is listed among the few top companies of the nation and has an registered annual turnover worth Rs 1900 crores (Rs 19 billion).
"We have gathered intelligence about tax benefits claimed on windmill power projects by Suzlon," sources added.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
