IT dept detects Rs 700 cr tax evasion after raids on Hyderabad-based realty developers
The Income Tax Department on Wednesday claimed to have detected tax evasion of about ₹ 700 crore after it raided two actual property developers primarily based in Hyderabad just lately.
Cash amounting to ₹ 11.88 crore and jewelry value ₹ 1.93 crore had been additionally seized in the course of the motion in opposition to the teams primarily based in and round Yadagirigutta, a suburb of Telangana’s capital metropolis, the Central Board of Direct Taxes (CBDT) mentioned.
The entities searched are into plot ventures in addition to development of flats, it mentioned in a press release.
“During the course of the search operations, many incriminating paperwork, hand written books, agreements, amongst others, indicating unaccounted money transaction had been seized.
“The data was also recovered from a specialised software application as well as from other electronic gadgets,” the CBDT claimed.
It mentioned the teams had been discovered to be accepting money over and above the registered worth and such unaccounted money was used for on-money fee for buy of land and different incidental enterprise expenditure.
“The search has resulted in the detection of incriminating evidences relating to unaccounted cash receipts to the tune of ₹ 700 crore for the last six years, the income of which is taxable in the hands of the transacting parties,” it added.
ALSO READ: Central Bank of India cancels settlement to promote stake in housing finance subsidiary
