India News | IT Dept Detects Unreported Transactions of Rs 40-cr After Raids on Vizag Group
Get latest articles and stories on India at LatestLY. The Income Tax department has detected "undisclosed" financial transactions of Rs 40 crore after it raided a Vishakhapatnam-based group engaged in extraction of vegetable oils and manufacturing of ferro alloys, the CBDT said on Friday.
New Delhi, Aug 27 (PTI) The Income Tax department has detected "undisclosed" financial transactions of Rs 40 crore after it raided a Vishakhapatnam-based group engaged in extraction of vegetable oils and manufacturing of ferro alloys, the CBDT said on Friday.
The searches were carried out on Wednesday at 17 premises located in Andhra Pradesh, Chhattisgarh, Nagpur and Kolkata.
Also Read | This is a Very Unfortunate Incident by Some Cowards. People of Our State Don’t Want … – Latest Tweet by ANI.
The group in question is also into mining of manganese ore.
"In total, the searches have resulted in detecting incriminating evidence relating to undisclosed financial transactions of about Rs 40 crore," the Central Board of Direct Taxes (CBDT) said in a statement.
It added that unaccounted cash of Rs 3 crore was also seized during the operation.
The CBDT frames policy for the tax department.
"Hand written diaries, documents and loose sheets depicting undisclosed cash transactions were seized. The group is inflating expenditure and indulging in cash sales of oil and under invoicing of slag," it said.
The statement added that transactions in the form of "suppression" of sales and "inflation" of expenditure were also unearthed.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)