The Income Tax department today conducted searches at various premises of IT company Tulip Telecom for alleged evasion of taxes running into crores of rupee.
According to sources in the I-T department, searches are being conducted in at least six to seven premises in the national capital region by 40 officials.
A spokesperson of Tulip Telecom said he has "no official communication" on the incident and would not be able to comment.
Some survey operations related to the same firm were also conducted at Jammu two days ago.
Tulip Telecom is a data telecom service and IT solutions provider. According to the official website of the company, it has "revenues in excess of Rs 16,14.40 crore ($322 million) in the financial year ending 31st March 2009 and a market capitalisation in excess of Rs 2,131.50 crores ($426 million as on 31st March 2009)".
Tulip shares are listed on bourses. Its shares on BSE today closed at over Rs 954.90, a gain of over Rs 13 from its previous closing.
Tulip Telecom plans to launch value-added services, such as push mail and corporate internet services, for the corporate sector in a few months.
Source: http://www.business-standard.com
Friday, September 25, 2009
I-T Dept Conducts Searches at Software Firm Tulip
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