I-T Department conducts survey at Marico offices; stock falls

Mumbai, Sep 17 (IANS) The Income Tax Department on Wednesday conducted a survey at the offices and facilities of consumer goods company Marico Limited.

The action, led by the department’s Mumbai investigation unit, involved more than 200 officers and was carried out at different locations across the country.

Marico, which owns popular brands such as Parachute, Saffola and Livon, has not issued any official statement so far on the development.

According to reports, the survey is part of a larger nationwide exercise.

On the stock market, Marico’s shares were trading slightly lower at Rs 714.25 apiece on the Bombay Stock Exchange (BSE), down 1.32 per cent or Rs 9.55 around 1.15 p.m.

In the last one week, the company’s shares fell by Rs 19.35, or 2.63 per cent. In the last two weeks, the shares dropped by Rs 19.20, or 2.61 per cent.

In the last one month, the stock has given a return of Rs 4.15, or 0.58 per cent, which is almost flat.

In the last three months, the company’s shares have risen by Rs 28.05, or 4.08 per cent, as per the official data.

The company reported a turnover of $1.3 billion in the financial year 2024-25 (FY25) from its products sold in India as well as select markets in Asia and Africa.

A survey under Section 133A of the Income Tax Act is different from a search operation.

While its scope is more limited, the Income Tax officers still have significant powers to detect possible tax evasion.

They can inspect account books and documents, mark them for identification, and make copies or extracts.

Officers can also impound books or documents, but cannot keep them for more than 10 working days without approval from senior authorities.

If it is revealed that relevant books or documents are kept outside the business premises, officials are allowed to visit and inspect those locations as well.

However, further details about the findings of the survey are still awaited.

--IANS

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