The Income Tax Department claimed to have carried out searches at the offices of several real estate firms on Wednesday for tax evasion of around Rs 700 crore has been detected by the IT Department after it raided two real estate developers based in Hyderabad recently.
The Central Board of Direct Taxes (CBDT) says that the cash worth Rs 11.88 crore and jewels worth Rs 1.93 crore were also seized during the action against real state groups located in and around Yadagirigutta in Telangana. The officials allegedly searched for plot ventures and construction of apartments.
The officials of the Income Tax Department searched the offices of several real estate firms functioning in Bhongir Yadadri district of Telangana, after they received the inputs of evading income tax.
The It Officials Searches two real estate developers including one preserved by a politician from Alair in Yadadari Bhongir district and another firm is located in LB Nagar Hyderabad and they are developing ventures in Yadadri Bhongir district.
That the IT officials also conducted searches at the residences of the directors and the offices of their subsidiary firms. The searches which began in the early hours of Tuesday continued till late night and important documents related to the financial transactions, electronic evidence including hard discs in the computers and other incriminating material was seized.
IT officials also searched the offices and residences of the directors and their subsidiaries. The search, which began in the wee hours of Tuesday, continued late into the night and seized important documents related to financial transactions, electronic evidence including hard disks in computers and other incriminating material that during the search operation, there were signs of seizing numerous secret documents, agreements, handwritten books which indicate unaccounted cash transactions.
The CBDT claimed that the data was recovered from a specialized software as well as other electronic gadgets. It added that the groups were accepting cash over and above the registered value and that such unaccounted cash was used to pay for land purchases and other contingent business expenses. It also added that this discovery has revealed incidents related to unaccounted cash receipts of Rs 700 crore in the last six years, the income of which is taxable in the hands of the transacting parties.
