India’s IT dept conducts survey action at 5 Shree Cement locations – CNBC-TV18

BENGALURU (Reuters) -India’s income tax (IT) department was conducting a survey action at five locations of Shree Cement in the north-western state of Rajasthan, CNBC-TV18 reported on Wednesday, citing sources.

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.

(Reporting by Indranil Sarkar in Bengaluru; Editing by Savio D’Souza and Varun H K)