The Income Tax Department on Wednesday claimed to have detected tax evasion of about Rs 700 crore after it raided two actual property builders based mostly in Hyderabad lately.
Cash amounting to Rs 11.88 crore and jewelry price Rs 1.93 crore have been additionally seized in the course of the motion towards the teams based mostly 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 building of residences, it mentioned in an announcement.
“During the course of the search operations, many incriminating documents, hand written books, agreements, among others, indicating unaccounted cash transaction were seized.
“The knowledge was additionally recovered from a specialised software program utility in addition to from different digital devices,” the CBDT claimed.
It said the groups were found to be accepting cash over and above the registered value and such unaccounted cash was used for on-money payment for purchase of land and other incidental business expenditure.
“The search has resulted within the detection of incriminating evidences referring to unaccounted money receipts to the tune of Rs 700 crore for the final six years, the earnings of which is taxable within the palms of the transacting events,” it added.
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