I-T unearths Rs 150 cr tax evasion by AP rice dealer

he income tax department investigation unit has unearthed Rs 150 crore tax evasion by a rice dealer in Andhra Pradesh’s Peddapuram.

Searches were conducted by income tax officials ay Sri Lalitha Enterprises Industries Private Ltd, a major dealer in the country. Following the searches, Sri Lalitha admitted to tax evasion of ₹60 crore, but officials calculated the total evasion to be around ₹150 crore.

The company procured paddy from farmers and made payments in cash. While invoices were prepared at a price about 20% higher than the actual payment, the company later claimed to have paid the difference. By inflating expenses, the company reportedly reduced taxable profits. The discrepancies came to light during an analysis of financial records.

Sri Lalitha rice brand has a presence across the country, especially in Telugu-speaking states. Directors of Sri Lalitha Enterprises are Mattey Satya Prasad, Mattey Srinivas Prasad, and Mattey Adishankar.

This article has been republished from The Times of India.