Income Tax officials visited several offices of Indian textile giant Raymond on Friday, kicking off a survey under Section 133A of the Income Tax Act, 1961. The company, known for its suits and fabrics, confirmed the move in a filing to stock exchanges.
Raymond shared that the officials showed up at some of its locations across India. “The proceedings are ongoing, and we’re fully cooperating with the team,” the company stated. Subsidiaries Raymond Lifestyle and Raymond Realty also reported the details to the exchanges.
So, what’s a survey like this? Unlike a full-blown raid or search, a Section 133A action has a more limited focus. Officials can check books of accounts, documents, and other records at the business site. They might take notes, copies, or even hold onto items temporarily—but they can’t keep impounded materials for more than 10 working days without higher approval from the Chief Commissioner or Director General. If records are stored off-site, like at home or another spot, those places can get a look too.
This isn’t Raymond’s first brush with authorities. Back in January 2024, the company wrapped up a customs duty dispute with the Directorate of Revenue Intelligence over importing 142 luxury cars, settling it with a Rs 328 crore payment. And way back in 2011, Income Tax sleuths raided properties linked to Chairman Gautam Singhania in Mumbai and Delhi, probing alleged tax evasion.
On the business front, Raymond Lifestyle hit a rough patch in the fourth quarter of fiscal year 2025. It posted a consolidated net loss of Rs 45 crore, flipping from a Rs 236 crore profit in the same period last year. Revenue from operations dropped 11.3% year-over-year to Rs 1,494 crore, down from Rs 1,684 crore.
As the Income Tax survey on Raymond continues, investors are keeping a close eye on how it unfolds for the apparel and real estate player.
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