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Income Tax Department carried out a search and seizure operation on 06.07.2021 on a group based in Hyderabad. The group is engaged in real estate, construction, waste management and infrastructure. The activities of waste management are spread across India while real estate activities are mainly con
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FAQ :
The Income Tax Department conducted the search and seizure operation on 06.07.2021.
The group is engaged in real estate, construction, waste management, and infrastructure.
The group is alleged to have artificially created losses of approximately Rs 1,200 crore to offset capital gains from selling a majority stake to a Singapore-based entity.
Yes, the group also incorrectly claimed bad debts of Rs 288 crore on account of related party transactions.
The group has admitted to unaccounted income of Rs 300 crore and agreed to pay the due taxes. Further investigations are in progress.
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