Hyderabad: After a recent search on YSRC Rajya Sabha Ayodhya Rami Member Run-Ramky Group, the Department of Income Tax has detected Hospital losses 1,200 crore ‘that occur’ by the group, which is done to avoid Capital Gain tax.
The company also recognizes inevitable income from Rs 300 Crore and agreed to pay tax arrears.
The I-T department has conducted a search and seizure operation in the Hyderabad-based Ramky group on July 6 at 6.
During the operation, the absence of I-T confiscated several burdensome documents and loose sheets, showing group involvement in countless transactions.
Ramky Group, which was promoted by the Rami REDDY family, has sold the majority of shares in one of Singapore’s non-residential concern groups based during the 2018-19 financial year and benefit large capital.
The department said: “Ramky Group then arranged various color schemes by entering a series of stock purchases, sales, subscribing to the length of the non-arm and the issuance of the next bonus, etc., with related parties, which are set off against the Capital Gains obtained.
The burdensome evidence (document) has been restored, which indicates that the loss was made artificially to trigger the increase in capital (SIC).
“The group was also accused of committing wrong claims for poor debt with RS 288 crore tones due to related party transactions, which departed against The benefits are obtained.
During search, burdensome documents related to artificial / wrong claims were found.
Cash transactions that are not achieved with group partners have also been detected during search, the I-T department said.
“Quantum and the same mode are being checked,” he added.
This group is engaged in real estate, construction, waste management and infrastructure.
Ramky Enviro Engineers, the mainstay company, is in waste management and spread in India, while the group real estate activities are mostly concentrated in Hyderabad.
Ramky Infrastructure, Ramky Enviro Engineer, Ramky Villas Limited and Ramky Farms and Estates are some of the main companies of the group.