MUMBAI: Income tax authorities have reportedly conducted searches at the corporate office and a few other locations of leading south-based jeweller Joyalukkas. Company CEO Baby George confirmed that tax officials had "visited" the corporate office and certain stores.
Asked how many of the 68 countrywide stores the tax officials were conducting searches, George said he wasn't aware of the exact number as he was on sick leave. He was also unable to elaborate on the reasons of the searches for the same reason.
"I don't know why they have come," George said, reacting to reports of tax raids on all of the company's stores. "We are a tax and KYC compliant company adhering to all rules and have already paid upwards of Rs 50 crore as advance tax for the current fiscal year (FY18). I think the visitation is more on the lines of a survey."
Queried whether the raids could be due to large cash-based transactions, George said a significant part of the jewellery sales were through digital mode. He also could not ascertain whether the searches were continuing, on account of his indisposition.
Attempts to contact tax sources were unsuccessful. Several calls and a text message to Joyalukkas' CMD Joy Alukkas went unanswered.
The company has projected revenue of Rs 7,500 crore in the current fiscal year and was in talks with merchant bankers for a possible IPO. The plans for IPO however are not crystallised yet, George said.