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IT dept conducts searches at business group in Hyderabad, seizes Rs 17.4 cr unaccounted assets

ANI | Updated: Oct 20, 2019 04:19 IST

New Delhi [India], Oct 20 (ANI): Income Tax Department had on Friday conducted searches at the premises of a prominent business group in Hyderabad and seized unaccounted assets of Rs 17.4 crore.
"Income Tax Department conducted Search and Survey action on a prominent business group having interest in infrastructure, irrigation, hydrocarbons and power sectors. More than 30 premises were covered in Hyderabad, NCR and Mumbai," an official release from Central Board of Direct Taxes (CBDT) said.
The agency found evidence of illegal payments through hawala channels running into hundreds of crores.
"Evidence of large-scale bogus expenses, over-invoicing of purchase and sub- contract expenses have been found and seized. The group also indulged in out of books transactions and manipulation of books to suppress its taxable profits," read the release. (ANI)