HYDERABAD: The Income Tax officials ended the ongoing searches at Sri Aditya Homes Pvt Ltd for alleged tax evasion, after recording the statements of real estate firm’s MD and its director.
During their searches, which lasted for five days, the I-T sleuths looked into the company’s financial transactions as well as the personal income tax returns of both the MD and director in the last five years. They also reportedly summoned both MD and the director to appear before them as and when they confirm the date.
According to sources, the I-T officials found irregularities in cash transactions. The department identified agreements made between the customers and company regarding pre-launch and advance bookings with cash instead of online transactions.
The company allegedly evaded tax while making cash transactions, which were not reflected in tax returns in the last five years, the sources said, adding that the officials also seized several documents, including agreement papers, log books and hard disks from the company’s main office located in Banjara Hills.
5-day search ends
The I-T officials called off the searches after taking statements of MD and director of the real estate firm
Company’s financial transactions under scanner for alleged irregularities
The company allegedly evaded tax while making cash transactions