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Taxmen evaluate value of Revanth Reddy family jewellery

Taxmen evaluate value of Revanth Reddy family jewellery

The Income Tax raids carried out at 16 premises of Congress working president Revanth Reddy, including his residence at Jubilee Hills, unearthed a suspicious transaction of Rs 10 crore by the directors of Sri Sai Mourya Estate and Projects Pvt Ltd, in which Revanth Reddy, his family and aides hold major shares.

A forensics team took away computers and other gadgets from the house in order to examine data related to business transactions as his residence was registered as an office for a majority of companies allegedly floated by him and his family. 

Jewellery evaluators were also called in to estimate the cost of gold and diamonds owned by Mr Revanth's family. The taxmen escorted Ms Geetha Reddy to a bank to identify jewellery stored in the locker.

According to source, “The taxmen have seized key documents which are objectionable as far as income tax is concerned. Secondly, suspicious transactions have been identified in the balance sheet of a company by name Nexus Seeds floated by Revanth's associates. The income source of the Porsche car found parked at the residence at Jubilee Hills is yet to be established.”

The sleuths are also investigating the allegations of hawala transactions and shell companies that violated tax laws.

Should the Rs 10 crore transaction be proven to have evaded tax, the Congress leader will have to pay Rs 3 crore, in case a notice is served, sources said. 

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