Tax evasion of Rs 700 crore was detected after raids on real estate developers. (Figurative)
New Delhi:
The Income Tax Department claimed on Wednesday to have detected a tax evasion of approximately 700 million rupees after it recently raided two Hyderabad-based real estate developers.
Cash worth 11.88 million rupees and jewelery worth 1.93 million rupees were also seized during the action against the groups based in Yadagirigutta, a suburb of the capital Telangana and its surroundings, the Board said. Direct Tax Center (CBDT).
The investigated entities are related to land construction and apartment construction projects, it said in a statement.
“During the course of search operations, many incriminating documents, handwritten books, agreements, among others, were seized indicating unaccounted for cash transactions.
“The data was also retrieved from a specialized software application, as well as from other electronic devices,” stated the CBDT.
He said the groups were found to be accepting cash in excess of recorded value and that such unaccounted-for cash was used for cash payment for land purchases and other incidental business expenses.
“The search has resulted in the detection of incriminating evidence related to unaccounted for cash receipts amounting to Rs 700 million over the past six years, the income of which is subject to tax in the hands of the parties to the transaction,” he added .
(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)
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