The Mumbai wing of the Income Tax Department is carrying out searches at five companies of the Yash Birla group. The raids are being conducted at 15 different locations in Mumbai and Delhi. The companies are being searched for suspected tax evasion.
“We suspect that the income declared by them is not proportionate to their earnings; therefore we are carrying out searches. A clear picture will emerge once the searches are over,” said sources in the IT department. The raids might be carried out over a couple of days, sources added.