India's IT dept conducts survey action at 5 Shree Cement locations - Reuters
BENGALURU, June 21 (Reuters) - Shree Cements Accused Of ₹ 23,000 Crore Tax Evasion, Biggest Ever. India's income tax (IT) department was conducting a survey action at five locations of Shree Cement (SHCM.NS) in the north-western state of Rajasthan says Reuters. The Kolkata-headquartered cement firm and IT department did not immediately respond to Reuters' requests for comment. A survey action by the IT department is an investigative procedure carried out to ascertain a taxpayer's actual income in a financial year, the report said. Section 80-IA of the IT Act, under which Wednesday's action was being conducted, provides for the deduction of 100% of profit and gains derived from specific businesses for 10 consecutive assessment years.Shree Cement's shares fell as much as 2.7% on the news, posting their biggest intraday percentage drop since May 24.