The Income Tax (I-T) officials on Wednesday conducted searches on the premises of the Exel Group of companies in Hyderabad and the neighbouring Sangareddy district on Wednesday regarding discrepancies in rubber import-export and irregularities in tax payment.
About 20 teams of IT sleuths were conducting simultaneous searches at 18 locations in Gachibowli, Mindspace, Chandanagar, Bachupalli Kokapet, Babukhan LakeFront villas, and other places in Hyderabad, said and IANS report.
The teams of three officials were also conducting searches at the offices and residences of company directors in Hyderabad, as well as at the Exel unit in Patancheru, Sangareddy district, at Pashamailaram.
The searches began around 6 a.m. and are likely to continue throughout the day. The I-T department launched the searches following complaints of alleged irregularities in income tax payments.
The Exel group of companies is into infrastructure, information technology, engineering, healthcare, rubber and plastic manufacturing, and other sectors.
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Earlier in October 2022, the Income Tax (I-T) Department conducted searches at multiple locations in Hyderabad.
As many as 25 I-T teams conducted simultaneous searches at different premises of RS Brothers, a leading garment and jewelry retailer.
According to sources, the searches were carried out at stores and offices of RS Brothers at Ameerpet, Kokatpally, Sanath Nagar, Secunderabad, Mehdipatnam, and other places in the twin cities of Hyderabad and Secunderabad.
As the IT officials were conducting searches at the warehouse of RS Brothers at Sanath Nagar, employees were not allowed into the premises.
The officials checked accounts and other records on computers with the help of employees of the accounting departments. The I-T sleuths were reportedly going through the transactions of the company, as it is believed to have made investments in the real estate business.
(With IANS inputs)