Tax Threads Tighten: Income Tax Department Surveys Raymond Offices Nationwide

In a significant regulatory development, the Income Tax Department initiated a survey action on multiple offices and manufacturing units of Raymond Ltd across India on September 25, 2025. The action, conducted under Section 133A of the Income Tax Act, 1961, is currently underway, with Raymond confirming full cooperation. This move comes amid heightened scrutiny of corporate governance and financial disclosures in India’s textile and real estate sectors.

 

What The Survey Entails

 

- The survey is not a search operation but allows officials to inspect books of accounts, mark documents, and take copies or extracts.

- Officials may impound records, though retention beyond ten working days requires higher-level approval.

- If records are stored outside business premises, those locations can also be surveyed.

 

Impact On Raymond Entities

 

- Raymond Lifestyle and Raymond Realty disclosed the survey action in filings to BSE and NSE.

- The action is focused on official premises and is being conducted during business hours.

- Gautam Singhania, Chairman of Raymond Group, also heads Raymond Realty, which was recently demerged from the parent company.

 

Stock And Financial Snapshot

 

- Raymond Lifestyle shares dropped 3.54 percent post-announcement, trading at Rs 1,210.

- Over the past year, the stock has declined nearly 50 percent.

- Q4 FY25 saw a consolidated net loss of Rs 45 crore, with revenue falling 11.3 percent YoY.

 

Historical Context

 

- In January 2024, Raymond settled a Rs 328 crore customs duty case with the DRI.

- A similar tax department action occurred in 2011 targeting Gautam Singhania’s premises.

 

Sources: The Economic Times, Moneycontrol, CNBC TV18, Morung Express, TaxConcept.