Hyderabad, March 11 (IANS) Income Tax (I-T) officials continued searches at the premises of Sri Chaitanya group of educational institutions in Telangana and Andhra Pradesh for the second day on Tuesday.
The I-T sleuths were conducting searches at Sri Chaitanya’s corporate office in Madhapur and other offices in Hyderabad and also at premises in different places including Vijayawada, Mumbai, New Delhi, Chennai and Bengaluru.
The officials were checking the fee payment software of the educational institutions following allegations that the group was using dual software to hide certain transactions from the Income Tax Department. There are also allegations that it was collecting fees from parents in cash to evade tax.
The I-T officials reportedly collected nearly Rs 5 crore cash during the raids on Monday.
The officials also verified the income tax returns filed by the management for the past three years. They suspect that the management collected fees from parents and did not furnish the details as sources of income by reportedly diverting funds to their other businesses.
A verification of records of admissions into various courses and colleges was also being done to detect alleged payments in cash
Officials of the Sri Chaitanya group were questioned about the bank accounts, deposits, withdrawals, and expenditures.
They reportedly collected fee details from students’ parents in NEFTs, RTGS payments and cash details.
The I-T Department may serve notices to the management of Sri Chaitanya for questioning them following the raids.
Sri Chaitanya is a leading chain of educational institutions in the Telugu states. It runs 322 schools and an equal number of junior colleges in Telangana and Andhra Pradesh. It also has 107 educational institutions in other states.
Founded in 1986 by BS Rao, formerly a physician, and his wife, Jhansi Lakshmi Bai, it has a large chain of schools, junior colleges, hostels, coaching institutions for IT-JEE, NEET, EAMCET and UPSC-CS preparation
–IANS
ms/svn
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
