Income Tax sleuths search premises of Andhra-based group in 4 states
Income Tax sleuths search premises of Andhra-based group in 4 states
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NEW DELHI: The Income Tax Department carried out an elaborate search and seizure operation on August 25 on a Visakhapatnam-based diversified business group at 17 different premises across Andhra Pradesh, Chhattisgarh, Maharashtra, and West Bengal.

According to reports, the group entities are engaged in extraction of vegetable oils, mining of manganese ore, and manufacturing of ferroalloys. During the course of the search operation, hand-written diaries/documents, and loose sheets depicting undisclosed cash transactions were seized. The group is inflating expenditure, indulging in cash sales of oil and under invoicing of slag. Transactions in the form of suppression of sales and inflation of expenditure were unearthed.

Unaccounted cash of Rs 3 crore has been seized so far. In total, the searches have resulted in detecting incriminating evidence relating to undisclosed financial transactions of about Rs 40 crore.

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