Albuzzer

New Delhi, India - July 9, ANI : Income Tax Department carried out a search and seizure operation on Tuesday at a Hyderabad-based real-estate company.The group is engaged in real estate, construction, waste management, and infrastructure. The activities of waste management are spread across India while real estate activities are mainly concentrated in Hyderabad, the release stated.Further, during the course of the search and seizure operation, the department seized many incriminating documents, loose sheets etc, indicating an involvement of the group in unaccounted transactions. It was found that the group had sold a majority stake to a Non-resident entity based in Singapore, in one of its group concerns during FY 2018-19 and had earned huge capital gains.

Related News