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Dept. conducts search at Hyderabad; detects artificial loss of Rs. 1200 crore created by assessee to set off capital gains

July 9, 2021
The Income-tax Department has carried out search and seizure action on 06-07-2021 on a group based in Hyderabad. Incriminating evidence/documents have been recovered, which indicate that the loss was artificially created to set off the respective capital gains. The search operation led to detection of artificial loss of approximately Rs. 1,200 crore, which is to be taxed in the hands of the respective assessees.
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