Hyderabad: Income Tax Department (I-T) Searching in three real estate companies in Hyderabad and Kurnool have explored countless cash transactions at 800 crore rs.
I-T officials have carried out search and seizure operations on January 5 to three companies involved in land development and construction in Kurnool and other Mofussil regions in Andhra Pradesh and Telangana.
At least two dozen places are sought in surgery scattered in Kurnool, Anantapur, Kadapa, Nandyal, and Bellary.
Officials said that several burdensome documents such as bookwritten books and agreements were confiscated.
Digital data from special software applications and other electronic gadgets are also confiscated.
Income tax officers also found Rs 1.64 Crore in countless cash.
“It has been found in one of the groups that have used software that has been systematically modified to eliminate cash elements that are countless from the considerations received and to record in regular accounts books, sales considerations in accordance with registered with registered selling prices .
These groups have been found to have received cash over and above to the registered value of these properties.
the cash does not count is used for payment towards the purchase of land and other expenditures, “said the iT department.
I-T Raids on 3 firms in AP, T’Gana Unearth RS 800 CR illegal transaction
