Over 40 special Income Tax teams carried out searches to examine their audit reports and other documents after irregularities in I-T returns.
Published Jan 31, 2023 | 6:25 PM ⚊ Updated Jan 31, 2023 | 6:25 PM
Income Tax Department office in Hyderabad. (Official Website)
A BRS MLC and two companies came under the scanner of the Income-Tax (I-T) department on Tuesday, 31 January, as over 40 special I-T teams carried out searches since morning to examine their audit reports and other documents.
Apart from the premises belonging to the as yet unidentified MLC in Tellapur in Sangareddy in the Hyderabad city suburbs, the sleuths of I-T conducted searches at the offices of Vasudha Pharma Chem Ltd located at Vengalrao Nagar, Madhapur and Jeedimetla, and another company who name was not immediately known.
A few teams searched the houses belonging to Vasudha Pharma Chem chairman and directors and examined documents. These searches were carried out following allegations of tax evasion. It was learnt that the company director was in the real-estate business with 15 companies.
A few weeks ago, the I-T department tightened the noose on real-estate businessmen and film financiers in the Telugu movie industry and carried out searches on the premises of a few realtors and film financiers in connection with alleged tax evasion.
The action followed after the I-T department found alleged irregularities in submitting I-T returns.
With the help of documents seized during the raids, the I-T officials verified records of the realtors and film financiers maintained in the last five years.
The realtors and those in infra business from the city were on the radar of the I-T department for the last two years as it found investments made by several politicians in the flourishing real-estate business in the city, especially in the western part of Hyderabad.
The investments were made in violation of norms, sources said.
