Hyderabad: Rs 700 cr tax evasion detected after raids on realty developers
Hyderabad: The Income Tax (I-T) department has seized unaccounted cash of Rs. 11.88 crore and gold jewellery valued at Rs. 1.93 crore during searches conducted in the city and its suburbs.
The search resulted in the detection of incriminating evidence relating to unaccounted cash receipts to the tune of Rs. 700 crore for the last six years, the income of which is taxable in the hands of the transacting parties, a press release from I-T department said.
The I-T department earlier carried out searches and seizure operations on two real estate developers engaged in the real estate activities mainly in and around Yadagirigutta. They are into plot ventures as well as in the construction of apartments.
During the course of search operations, many incriminating documents, hand-written books and agreements indicating unaccounted cash transactions were seized. The data was also recovered from a specialized software application as well as from other electronic gadgets.
The groups were found to be accepting cash over and above the registered value and such unaccounted cash is used for on-money payment for purchase of land and other incidental business expenditure.
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