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I-T searches: ₹800 crore detected in A.P., Telangana

According to the Income Tax department officials, the three real estate developers were allegedly accepting cash over and above the registered value of the properties.   | Photo Credit: Twitter. @IncomeTaxIndia

The Income-Tax Department’s searches on three real estate developers in Andhra Pradesh and Telangana have led to the detection of unaccounted transactions worth over ₹800 crore.

The groups are engaged in the business of land development and construction activities in Kurnool and other mofussil areas of Andhra Pradesh and Telangana. “More than two dozen premises have been covered in the search operation spread over Kurnool, Ananthapur, Kadapa, Nandyal, Bellary, etc.,” said the agency.

The I-T Department said digital data was seized from a specialised software application and other electronic gadgets.

The groups were allegedly 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 land and incurring other expenditure,” it said, adding that so far an unaccounted ₹1.64 crore had been seized.

During another operation against two groups engaged in quarry operation business, the agency searched over 35 premises in Kottayam, Eranakulam, Thrissur, Palakkad and Kannur of Kerala. It is alleged that the operators were indulging in large-scale suppression of sales made in cash.

The cash was systematically invested in the acquisition of immovable properties, used for the business of cash loans and unrecorded capital investments in other businesses.

“The assessees of the group have been found to have sold immovable properties without duly accounting for the capital gains arising from such transactions,” it said, adding that the group’s estimated unaccounted income was about ₹200 crore.


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Printable version | Jan 19, 2022 5:28:14 AM | https://www.thehindu.com/news/national/i-t-searches-800-crore-detected-in-ap-telangana/article38228681.ece

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