Quick Summary
The Income Tax Department carried out search and seizure operation on 25.08.2021 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 course of the search operation, hand written diaries/documents, loose sheets depicting undisclosed cash transactions were seized. The group is inflating expenditure,
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 Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Income Tax Department carried out the search and seizure operation on 25.08.2021.
Searches were conducted on 17 different premises across Andhra Pradesh, Chhattisgarh, Nagpur, and Kolkata, targeting a group based in Visakhapatnam.
The group is engaged in the extraction of vegetable oils, mining of manganese ore, and the manufacturing of ferro alloys.
Handwritten diaries, documents, and loose sheets depicting undisclosed cash transactions were seized. Evidence of inflated expenditure, cash sales of oil, under-invoicing of slag, suppression of sales, and inflation of expenditure were unearthed.
Unaccounted cash of Rs. 3.0 crore has been seized, and incriminating evidence relating to undisclosed financial transactions of approximately Rs. 40 crore has been detected.
No, further investigations are currently in progress.
CAclubindia
