Tax raid at Jindal Steel Mumbai office

Tax raid at Jindal Steel Mumbai officeIncome tax officials raided the offices of JSW Steel Ltd and JSW Energy Ltd on Wednesday for fudging income tax.

JSW group has its offices in Mumbai and Rajasthan and investigating team reach both the places early morning to begin its search operations.

At Bombay Stock Exchange stock price of JSW Energy slide down by 0.55% to Rs 72.55 per share while JSW Steel’s stock climb by 0.15% to Rs 910.50 per share at 2.20 pm.

An official said that the company has allegedly synchronized the accounts to hide the figures so as to reduce the tax liability.

Officials have tried to contact group chief financial officer, JSW Group, Seshagiri Rao but failed to contact him.

Sharmila Banerjee, spokesperson for the JSW group on confirming the raid in Mumbai’s Lower Parel office said that it is a usual survey.

JSW Energy was incorporated in 1994 and has its presence in fields like generation, transmission, distribution and trading of power. The company provides power solutions to Karnataka, Maharashtra, Rajasthan and Himachal Pradesh. Whereas JSW Steel is another, company of JSW group which deals in production of steel.