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IT raids detected Unaccounted income over Rs 2000 cr in AP and TS - Tv9

Thu, Feb 13, 2020, 10:35 PM
In a shocking development, the Income-tax searches carried out in Andhra Pradesh, and Telangana unearthed Rs 2000 crore unaccounted cash. According to the reports, IT officials have raided around 40 locations including Hyderabad, Vijayawada, Kadapa, Vishakapatnam, Delhi, and Pune. It is said that the search action included three prominent infrastructure groups in the two Telugu states. IT sleuths have reportedly seized Rs 85 lakh cash, Rs 71 lakh worth jewelry and more than 25 bank lockers were attached during the searches in TS and AP. It is alleged that the Infra companies have selected small entities with a turnover of less than Rs 2 Crore so that they can avoid the maintenance of books of accounts and tax audits.

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