I-T authorities find incriminating documents relating to artificial claims during search operations on Ramky Group
During search operations by income tax authorities in the last two days on Hyderabad-based Ramky Group, incriminating documents relating to artificial/incorrect claims were found.
According to a statement issued by the I-T department, the group, a diversified entity engaged in real estate, construction etc. did unaccounted cash transactions with its associates.
The search operation led to detection of artificial loss of approximately Rs 1,200 crore, which is to be taxed in the hands of the respective assessees the entities and associates admitted to having unaccounted income of Rs 300 crore and agreed to pay due taxes.
The Group is founded by Ayodhya Rami Reddy, YSRCP Rajya Sabha member.