I-T raids pharma, realty firms in Hyderabad and Andhra Pradesh; claims tax evasion

Hyderabad: The Income-tax (I-T) department on Tuesday raided several business firms across the city and Andhra Pradesh, including Vasudha Pharma Chem Limited and IAS officer-turned-BRS MLC Venkatrami Reddy, for alleged tax evasion.

Sources said that over 50 two-member teams raided the offices and residences of directors of the pharmaceutical company in SR Nagar and other locations.

The raids were conducted in the presence of Vasudha Pharma’s chairman and managing director M.V. Rama Raju, executive director M.S.A. Raju and directors M.V.S.N. Prasad, M. Anand, M. Varalakshmi and K. Venkata Raju.

“The I-T officials, armed with income-tax returns (ITR) filed by Vasudha Pharma and individuals, allegedly found violations in sources of income and expenditure, including purchase and sales of pharma-related material. The officials questioned the Vasudha Pharma management on ITRs,” a source said.

Similarly, the premises of Puspa Lifestyle City in Tellapur, owned by Venkatrami Reddy, was raided over suspicions that Reddy was allegedly evading tax by not filing I-T returns for the past few years, despite being involved in real estate ventures.

Raids were also conducted at the premises of Vertex Constructions and its management, with I-T officials claiming that several crores of rupees were earnt through cash payments and alleged hawala transactions in all three instances.

( Source : Deccan Chronicle. )
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