The Income Tax department has conducted survey action at five locations of Shree Cement Ltd. in Rajasthan, sources with knowledge of the matter told CNBC-TV18.

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A survey action of the Income Tax department is an investigative procedure carried out to ascertain the actual income earned by a tax payer for a financial year.

Section 80-IA of the IT Act provides for deduction of 100 percent of profit and gains derived from specific businesses for 10 consecutive assessment years in a block of 15 years, only up to a certain period.

The survey action is currently underway, the source said. I-T department during survey is verifying deductions claimed by Shree Cement under section 80IA.

Shares of Shree Cement have fallen to the day's low, currently trading 2.5 percent lower at Rs 25,327.80. The stock has gained 8 percent on a year-to-date basis.

"Income Tax Department is conducting a survey at our premises, and the company's management team is available and extending full cooperation to the officials. The information as required by the officials is being made available," the company said in a statement.

First Published:Jun 21, 2023 2:45 PM IST