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IT Dept raids Visakhapatnam based group

New Delhi | Ministry of Finance | 27th August 2021:

The Income Tax (IT) Department has carried out searches at 17 different premises linked to a Visakhapatnam-based group and detected undisclosed transactions worth Rs 40 Crore.

IT Department carried out search and seizure operation on Wednesday on a group based in Visakhapatnam at 17 different premises across Andhra Pradesh, Chhattisgarh, Nagpur and Kolkata. The group entities are engaged in extraction of vegetable oils, mining of manganese ore, and manufacturing of ferro alloys.

During the search operation, hand written 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 exposed.

Unaccounted cash of Rs 3 crore was found and seized. IT officials further detected incriminating evidence relating to undisclosed financial transactions of about Rs 40 crore.

Further investigations are in progress.


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TaxGyata Team

TaxGyata Team