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Megha Group Denies IT Raids, Says It is a General Inspection

Megha Group Denies IT Raids, Says It is a General Inspection
Highlights

Rumours have been viral that IT officials conducted raids in Megha Krishna Reddy's house and offices in Hyderabad, which are stated to be inaccurate.

Hyderabad: Rumours have been viral that IT officials conducted raids in Megha Krishna Reddy's house and offices in Hyderabad, which are stated to be inaccurate. Megha Engineering and Infrastructure Limited (MEIL) sources asserted that the Income Tax department has come for regular inspections but not the raids.

MEIL in a press release to media claimed that the income tax department officials came to MEIL's office for a routine inspection, which happens on a regular interval basis. These are not raids or search. Every two years Income Tax officials visit the office for a routine inspection and have been happening for the past 20 years.

"The inspection is limited to only the head office in Hyderabad, not all regional offices. We have 17 regional offices across India. Since we pay advance taxes, the IT department needs some clarifications; the officials visited our head office today. Not anywhere in regional offices. This is purely a matter of internal assessment", MEIL said.

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