Tax men find Rs 120 Cr undisclosed income of Kolors Healthcare

By Coreena Suares  Published on  2 Nov 2019 4:54 PM GMT
Tax men find Rs 120 Cr undisclosed income of Kolors Healthcare

Hyderabad: Income tax searches carried out against Hyderabad-based ‘Kolors Healthcare India Private limited’, yielded seizure of undisclosed income of more than Rs 120 crore, besides incriminating documents, said a highly placed source.

Tax men, October 30th carried out searches on at least 40 locations country wide, against Kolors Healthcare, a company owned by Vijay Krishna Devula.

The residence of Tollywood actress Raasi who happens to be a relative of the promoter was also searched.

The IT sleuths were acting upon intelligence inputs of tax-evasion. The sleuths received a tip off that the clinics run by Vijay Krishna Devula and another promoter by name Nagachandra Venkat Rayudu Gollapalli Were charging high from their clients however evading tax.

Subsequently, the searches resulted in confiscation of several receipts (bills) , incriminating documents and unearth undisclosed cash of more than Rs 120 Crore.

Kolors Healthcare group that is into wellness, beauty , dental .The director owns a chain of clinics across India. It is to note that during the launch, Tollywood actresses Raasi and Rambha had endorsed efficacy of slimming techniques of this clinic.

Vijay Krishna Devula is also associated with Kolors food sciences LLP, Kolors Healthcare franchise services LLP, Kolors beauty and wellness academy , advanced dentistry , healthcare and more.

The company was incorporated in 2010 and is located in Hyderabad with its head office in Karkhanna

In this year, alone the company ran into trouble as Vijayawada Consumer Forum slapped them a fine of Rs 2 lakh . They were acting a complaint filed by a consumer who alleged them of cheating . The consumer had paid a huge sum for weight loss however with four months of treatment, there was no result, the complaint said.

As Kolors Healthcare India Pvt Limited failed to explain, the Consumer forum imposed a fine.

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