Nation Current Affairs 31 Oct 2019 Hyderabad: Income-ta ...

Hyderabad: Income-tax raids Kolors Health Care

DECCAN CHRONICLE. | VIKRAM SHARMA
Published Oct 31, 2019, 1:30 am IST
Updated Oct 31, 2019, 1:30 am IST
Countrywide searches over tax evasion.
I-T officials said that the searches were the result of recent inputs suggesting tax evasion by the company. (Representational image)
 I-T officials said that the searches were the result of recent inputs suggesting tax evasion by the company. (Representational image)

Hyderabad: Suspecting tax evasion, Income-tax authorities conducted countrywide searches on Hyderabad-based Kolors Health Care India Private Limited.

So far, searches have been conducted at 40 locations, including in Telangana and Andhra Pradesh. It is learnt that incriminating documents and receipts have been seized, and they are currently under scrutiny.

 

The company, which is into beauty, fitness, and weight loss among other things, is owned by Vijay Krishna Devula and his partner G. Nagachandra Venkata Rayudu. Vijay Krishna is said to be a relative of Tollywood actress Raasi and searches were reportedly conducted at her house as well.

This morning, several teams fanned out to different locations across the country and began searching the premises. In Telangana and Andhra Pradesh alone, searches were conducted in over 22 locations.

The residence and properties of Vijay Krishna Devula and Nagachandra Venkat Rayudu Gollapalli were also searched.

 

Clinics in Bengaluru and Coimbatore were also searched. Large number of receipts and other documents have been seized. So far, no cash has been seized, sources said, adding that the documents are being scrutinised and it will take some time before they come to any conclusion.

I-T officials said that the searches were the result of recent inputs suggesting tax evasion by the company. It came to their notice that though the clinics had been charging more from their clients, they had reportedly been evading tax. The company has clinics across the country and well-known Tollywood personalities have promoted the clinics.

 

Kolors Health Care is a limited liability partnership firm incorporated in November 2014. It is registered with the Registrar of Companies, Hyderabad, and its head office is in Karkhana in the city.

Besides healthcare, the company also has other ventures including food sciences and dentistry.

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Location: India, Telangana, Hyderabad




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