Textile retailer RS Brothers faces tax evasion probe
Hyderabad’s income tax department searched a number of properties relating to textile retail business RS Brothers on October 14. The agency suspects tax evasion at the business.
The Hyderabad income tax department conducted searches at RS Brothers showrooms and offices as well as residences of its directors on Friday, TNN reported. The searches took place across 11 of the business’ locations, including in Sanatnagar, Kukatpally, Patny, Mehadipatnam, and Ameerpret around Hyderabad and continued into Saturday, India Today reported. Around 20 teams were involved in the large-scale search operation.
Hyderabad IT officials worked with RS Brothers accountants to verify account books, stock details, and digital logs, New Indian Express reported. The teams had allegedly found some discrepancies in the business’ IT filings.
RS Brothers Retail India Private Limited was incorporated in 2008 in Sanatnagar. The business is owned by a group including Venkateswarlu Potti and Rs Brothers promoters partnered with promoters of the Vasavi group to incorporate real estate business Honer Homes and also work in mobile phone sales.
Prior to the RS Brothers probe, the IT Department was already looking into Honer businesses. The Hyderabad IT Department was also already conducting searches on Vasavi group. The investigations are ongoing.
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