Quick Summary
The Income Tax Department carried out search and seizure operation on a group based in Eluru on 28.01.2021 at 21 different locations across Andhra Pradesh and Telangana. The group entities are engaged in Film Financing, Aqua Culture, Real estate, Distribution of Films and Money Lending. Durin
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Income Tax Department conducted searches due to suspected undisclosed cash transactions and income suppression by a group involved in various businesses.
The targeted group was involved in Film Financing, Aqua Culture, Real estate, Distribution of Films, and Money Lending.
Incriminating evidence relating to undisclosed financial transactions of Rs 161 crore from FY 2016-17 to FY 2019-20 was detected.
Assets worth Rs 17.68 crore were seized, including Rs 14.26 crore in cash and Rs 3.42 crore in gold jewellery, bullion, and silver.
Yes, it was observed that certain entries totalling Rs 13 crore were deleted from cloud data but were subsequently recovered.
The operation was carried out at 21 different locations across Andhra Pradesh and Telangana.
CAclubindia
