Suryaa Business Desk: The Income Tax (IT) Department officials conducted surprise inspections at the offices of Radico Khaitan, a leading domestic liquor company. The Income Tax (IT) Department officials conducted surprise inspections at the offices of Radico Khaitan, a leading domestic liquor company. The searches come amid increased surveillance of documents related to Scotch whiskey imports and business transactions. The liquor market has been in turmoil since the authorities conducted simultaneous inspections of several offices on suspicion of discrepancies in tax payments and financial statements.
Tax authorities have been keeping an eye on Radico Khaitan's dealings for some time, which is expanding sales of premium liquor and scotch brands in the Indian market. It is reported that the authorities are examining the records to see if the norms have been followed in the import, distribution and duty payments of international brands. An official statement from the company is yet to come out on the full details of these unannounced inspections. The country's tax watchdog has recently tightened norms on leading corporates and liquor manufacturers.
In the wake of these inspections, investors are keenly focused on the financial transactions of Radico Khaitan and the movement of the company's shares in the stock market. It has become interesting in the corporate circles to see where this investigation will lead in the coming days.
