City
Epaper

Income Tax Department conducts searches in Visakhapatnam

By ANI | Updated: August 27, 2021 19:55 IST

The Income Tax Department carried out a search and seizure operation on Wednesday on a group based in Visakhapatnam at 17 different premises across Andhra Pradesh, Chhattisgarh, Nagpur and Kolkata.

Open in App

The Income Tax Department carried out a search and seizure operation on Wednesday on a group based in Visakhapatnam at 17 different premises across Andhra Pradesh, Chhattisgarh, Nagpur and Kolkata.

A per an official release, the group entities are engaged in the extraction of vegetable oils, mining of manganese ore, and manufacturing of ferroalloys.

During the course of the search operation, handwritten diaries, documents, 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. 3.0 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.

Further investigations are underway.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Income Tax DepartmentIncome tax officeDepartment of expenditure of ministry of financeIncome-tax department
Open in App

Related Stories

MaharashtraMaharashtra: Taxpaying Women to Be Dropped from Ladki Bahin Yojna as Govt Begins Eligibility Review

MumbaiMumbai: Income Tax Officer Duped of ₹30 Lakh by Powai Textile Traders

Navi MumbaiNavi Mumbai: Contractual Driver at Income Tax Dept Poses as Fake IT Officer, Dupes Job Seekers of Over Rs 2 Crore; Arrested

NationalMajor Income Tax Cut for Middle Class in Union Budget 2025-26? Government Likely To Reduce Tax Rates for Those Earning up to INR 15 Lakh

NationalITR Filing 2024: Over 5 crore Income Tax Returns Filed Till July 26

National Realted Stories

NationalBSF seizes heroin worth Rs 10 crore in Bikaner, Punjab smuggler held

NationalAmid backlash, Jitu Patwari firm on his 'alcohol consumption' remark; BJP escalates attack

NationalOdisha: Berhampur police arrest two persons in Rs 24 lakh fraud case

NationalRajasthan: Car follows Google Maps, gets stuck on dilapidated bridge and swept away into Banas river

NationalCentre clears appointment of 14 judges to Bombay HC