An I-T official said it was a routine survey and searches continued at night.
Under Section 271AAC of the Income Tax Act, a person holding unaccounted money would have to pay a tax of 103 per cent which would be three per cent more than the money seized and penalty.
Hyderabad: Income Tax officials have conducted survey-cum-searches at various offices of Greenko Power Projects dealing with renewable energy. An I-T official said it was a routine survey and searches continued at night.
“We are conducting searches at three offices in Jubilee Hills Roads 36, 44 and 45 and other places in TS and AP.” The official said the survey was not related to the deposit of demonetized currency with banks.
“Based on specific inputs from our sources and the differences in tax payments, we are conducting the raids. We have seized a few records from the offices and compiled the information in the records with our records,” the official explained.
( Source : Deccan Chronicle. )
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