I-T raids on Navayuga offices
The officials of the IncomeTax IT cracked down on the office of Navayuga Engineering Company Limited in Jubilee Hills in Hyderabad and some other companies in Visakhapatnam in AP on Thursday
Hyderabad/ Visakhapatnam: The officials of the Income-Tax (I-T) cracked down on the office of Navayuga Engineering Company Limited in Jubilee Hills in Hyderabad and some other companies in Visakhapatnam in AP on Thursday.
Nearly 20 members of the I-T team reached the Navayuga office at 8 am and started searches in the office. According to I-T sources, they seized several key documents along with hard disks and bank account statements.
Officials sources said that the I-T raids were conducted basing on the allegations that the company violated the guidelines of Registrar of Companies (RoC) and the violations in filing the Income-Tax returns.
The I-T officials inquired about the 47 companies related to Navayuga and the financial transactions of the companies. They also verified tax returns that were filed for the last four years.
The company was dealing with many projects in Telangana, Andhra Pradesh and other states of the country. The Navayuga Constructions company is presently dealing with construction of Polavaram irrigation project in Andhra Pradesh.
The I-T sleuths are also inquiring if the company has any shell companies, whether those shell companies are allegedly involved in any money laundering.
The I-T sleuths grilled the management and employees of the company on the information about Navayuga Infra, Navayuga Bengalooru TollWay Private Limited company, Krishna Dredging Company Limited, Krishnapatnam Port Company Limited, Shubham Corporation Private Limited Companies and sought the information on their financial transactions.