Tax evasion allegations: Income Tax raids on Sri Chaitanya offices
Hyderabad: The Income Tax Department is conducting raids on Sri Chaitanya Educational Institutions across multiple locations in India following allegations of tax evasion.
The searches are being carried out simultaneously at corporate offices of Sri Chaitanya in 30 locations in Hyderabad, Andhra Pradesh, Delhi, Kolkata, Chennai and Mumbai.
The IT department swung into action following claims that the institution was reportedly collecting hefty fees amounting to lakhs of rupees in cash from each student, along with additional charges for hostel and library facilities and failed to pay taxes proportionately.
The officials reportedly seized nearly Rs. 2 crore unaccounted cash during a raid at one of the corporate offices. According to reports, the seized money was hidden in cartons.
The Income Tax officials are now verifying the institution’s income records and identifying possible tax evasion. The IT department is yet to reveal this information publicly. Further details are awaited.
