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Tulip Telecom, a provider of data telecom service and IT solutions recently
came under the scanner of the Income Tax Department for allegedly evading taxes
to the tune of a couple of crores. As per a reliable source, the raids began on
September 24 and continued for some time.. The IT department conducted searches
at various premises of the company, and laptops of senior officials have also
been confiscated.
When contacted, Lt Col HS Bedi (VSM) chairman and MD, Tulip Telecom confirmed
the visit from tax officials. People from the authority did visit our office.
We enjoy certain benefits under Section 80-I of the IT Act. We have multiple
businesses so they were just checking out how much of it is direct or if we are
getting additional revenues. It is a normal process they carry out, commented
Bedi.
Explaining the reason behind the raids Bedi stated, Actually the government
is under pressure for collections, hence they are carrying out routine checks of
companies that are availing tax benefits. According to sources in the market
there are complaints of anomalies in the companys regional offices as well.
Survey operations were also conducted in the Jammu office last week.
Section 80-I refers to the profits and gains derived from an eligible
industrial undertaking and permits a deduction to the extent of 25% of such
profits and gains, ie the profits and gains derived from the industrial
undertaking.
Tulip is a public limited company and is listed on the Bombay Stock Exchange
and National Stock Exchange in India. According to its official website, the
company has displayed robust growth since its inception and its IPO has been
ranked as one of the top four IPOs in India, since 2005, by CNBC. It has
revenues in excess of Rs 1,614.40 crore in FY 2008-09 and a market
capitalization in excess of Rs 2,131.50 crore as on March 31, 2009.
Ruth Samson/DQ Channels
maildqindia@cybermedia.co.in
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