New Delhi, Feb 18 (PTI) The Income Tax Department detected undisclosed income of over Rs 160 crore after it raided an Andhra Pradesh-based company engaged in financing and distribution of films and some other businesses, the CBDT said on Thursday.
The searches were conducted on January 28 at 21 locations in Andhra Pradesh and Telangana against the Eluru-based company.
'The highlight of the search action is the seizure of such a huge amount of cash and gold in mofussil stations like Eluru and Rajamahendravaram,' the Central Board of Direct Taxes said in a statement.
'In total, the search has resulted in detection of incriminating evidence relating to undisclosed financial transactions of Rs 161 crore from financial year 2016-17 to 2019-20, taxable in the hands of both the transacted parties,' it said.
It added that Rs 14.26 crore cash, gold jewellery, bullion and silver valued at Rs 3.42 crore were also seized.
'During the course of the search operation, hand-written books, agreements and loose sheets depicting undisclosed cash transactions were seized,' the statement said.
'The group is lending huge amounts in cash and collecting interest for the same in cash, which are undisclosed,' it said.
The CBDT said certain entries totalling Rs 13 crore that were deleted from the cloud data were recovered.
'A major suppression of income from distribution of films and running theatres has also been observed. The group is also accepting cash over and above the registration value in sale of plots,' it said.
Besides financing and distribution of films, the company searched is involved in aquaculture, real estate and money lending, it said. PTI NES DIV DIV