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I-T Department detects Rs 161Cr black money after raids in Hyderabad

By TIOL News Service  

NEW DELHI, FEB 19, 2021: THE Income Tax (I-T) Department has detected undisclosed taxable financial transactions of Rs. 161 crore from 2016-17 to 2019-20 during multiple raids across an Eluru-based business group's premises across Andhra Pradesh and Telangana.

Total assets worth Rs. 17.68 crore which includes cash of Rs.14.26 crore, gold jewellery, bullion and silver valued at Rs. 3.42 crore have been seized, said the Finance Ministry.

On January 28, the I-T Department carried out search and seizure operations at 21 different locations of a group engaged in film financing, aquaculture, real estate, distribution of films and money lending, said the ministry.

"During the course of the search, handwritten books, agreements and loose sheets depicting undisclosed cash transactions were seized," it added.

The group was found to be lending undisclosed amounts in cash and collecting interest for the same in cash. They were also found to have deleted entries totalling Rs. 13 crore from their Cloud data.

They also supressed income from the distribution of films and running theatres and were accepting cash over and above the registration value for selling plots.

"The highlight of the search action is the seizure of such huge amount of cash and gold in mofussil stations like Eluru and Rajamahendravaram," said the department.

In total, the search has resulted in detecting incriminating evidence relating to undisclosed financial transactions of Rs. 161 crore from the 2016-17 financial year to 2019-20, taxable in the hands of the transacted parties.


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