Hyd: 'Ramky Group faked Rs 1.2k cr loss to evade tax'
After its recent searches on YSRC Rajya Sabha member Ayodhya Rami Reddy-run Ramky Group of Companies, the income tax department has detected an artificial loss of Rs 1,200 crore ‘incurred’ by the group, which, it said, was done to evade capital gains tax. The company has also admitted to unaccounted income of Rs 300 crore and agreed to pay the tax arrears.
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After its recent searches on YSRC Rajya Sabha member Ayodhya Rami Reddy-run Ramky Group of Companies, the income tax department has detected an artificial loss of Rs 1,200 crore ‘incurred’ by the group, which, it said, was done to evade capital gains tax. The company has also admitted to unaccounted income of Rs 300 crore and agreed to pay the tax arrears. 
