IT officials raid 3 real estate developers in AP, Telangana, find unaccounted cash transactions worth Rs 800 crore
New Delhi, January 11, 2022
The Income Tax Department said it had carried out search and seizure operation on January on three real estate developers in Andhra Pradesh and Telangana and detected unaccounted cash transactions to the tune of Rs 800 crore.
So far, the search action has led to the seizure of unaccounted cash of Rs.1.64 crore, an official press release said.
The three firms are engaged in the business of land development as well as construction activities in the town of Kurnool and other mofussil areas of Andhra Pradesh and Telangana.
More than two dozen premises were covered in the search operation spread over Kurnool, Ananthapur, Kadapa, Nandyal, Bellary, and so on, the release said.
"During the course of the search operations, several incriminating documents, such as handwritten books, agreements, etc. have been found and seized. Digital data has also been seized from a specialized software application as well as from other electronic gadgets. It has been found in the case of one of the assessee groups that it has been using a software which has been systematically modified to eliminate the unaccounted cash element of the consideration received and to record in the regular books of account the sale consideration that matches with registered sale price," the release said.
"These groups have been found to be accepting cash over and above the registered value of the properties. Such unaccounted cash is used for payments of on-money towards the purchase of lands and incurring other expenditure," it said.
Further investigations are in progress, the release added.