HYDERABAD: Income Tax officials continued their search of Exel Rubber for the second day on Thursday, to unearth suspected tax evasion. A team of I-T officials verified the company's investments and annual returns. I-T sources said that the department suspects investments from abroad in the financial year 2020-2021.
Sources said that the I-T sleuths have noticed several irregularities in Income Tax payments and filing of returns over the last two fiscals when foreign investment flowed into the company. The agency on Thursday enquired the company auditors about the investments and board of directors.
I-T officials also verified the account books for the last three years. Several transactions were not mentioned in the log books as well as in the IT returns.