Ahmedabad-based Astral Poly Technik Ltd today said that Income Tax department has carried out survey on the premises of the company on April 15 and 16. Astral said IT department raised two technical issues on allocation of expenses between Gujarat plant and Himachal Pradesh plant of the company.
The company said, according to the department, the interest should be allocated on the basis of sales or other suitable methods whereas the company has allocated on effective utilisation of funds/loan between the two plants. To this charge, the company has said that it has done so as per the policies followed by the company from day one of starting Himachal Pradesh unit.
It also said the IT department said the forex losses and gains should be allocated between the plants on sales ratio or other suitable methods whereas the company allocated to Gujarat plant. The company said it has done so as per the policies followed by the company from the day one of starting of HP unit after the consultation with the statutory auditors.