Top 'N Town in tax net: Income Tax raid at 24 places including house, factory

Senior Correspondent

NewsBits.in

BHOPAL: In a major operation, Income Tax (IT) authorities conducted raids at 24 premises of Top 'N Town group owned by Ramani brothers.

The investigation wing of the IT began raids at the house, factory and other premises on Tuesday.

The raids were conducted as tax evasion of huge proportions was suspected by the tax officials. 

As many as 150 IT officials-employees were part of the raid that was conducted into ice-cream operations apart from the group's real estate business and educational foray.

Apart from the Govindpura factory, the raid was also conducted at Ramani's house, office and other premises. The group has also ventured into education and construction. Apparently, IT was keeping an eye on Top 'N Town for sometime.

One of the biggest ice-cream companies, Top 'N Town was set up in 1970. The Bhopal-based group has grown fast and is today one of the leading ice-cream manufacturers in the country. It has own outlets apart from franchisees in different states.

Sources in the IT said that after getting credible information and having found documents that showed tax evasion, the IT decided to conduct the raid. The group runs Trinity College apart from real estate business (Ishan Builders). They have other businesses too and were all under IT lens.

At the time of filing of the report, the IT officials were conducting search operation, examining documents and going through financial transactions. Top 'N Town is a Bhopal-based group but has spread to Chhattisgarh, UP, Punjab and several other states.