IT dept detect Rs 40-cr unreported transactions after raids on Vizag group

It added that unaccounted cash of Rs 3 crore was also seized during the operation.

New Delhi: 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.

The group in question is also into mining of manganese ore.

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“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.

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