Raid on Andhra firm: IT dept detects undisclosed income of over RS 160 cr

During the course of the search operation, hand written books, agreements and loose sheets revealing undisclosed cash transactions were seized

By   |  Published: 19th Feb 2021  12:22 am

Hyderabad: The Income Tax Department carried out search and seizure operation on a group based in Eluru at 21 different locations across Andhra Pradesh and Telangana. The group entities are engaged in film financing, aqua culture, real estate, distribution of films and money lending. During the course of the search operation, hand written books, agreements and loose sheets revealing undisclosed cash transactions were seized. The group has been lending huge amounts in cash, and collecting interest for the same in cash, which are undisclosed, according to a press release.

It is also observed that certain entries totaling to Rs 13 crore were deleted from the cloud data, but was recovered. A major suppression of income from distribution of films and running theatres has also been observed. The group is also accepting cash over and above the registration value in sale of plots.

Total assets worth Rs 17.68 crore including cash of Rs 14.26 crore, gold jewellery, bullion and silver valued at Rs 3.42 crore have been seized so far. The highlight of the search action was the seizure of such huge amount of cash and gold in mofussil stations like Eluru and Rajamahendravaram. In total, the search has resulted in detecting incriminating evidence relating to undisclosed financial transactions of Rs 161 crore from the financial years 2016-17 to 2019-20, taxable in the hands of both the transacted parties, the press release added. Further investigation is on.


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