I-T Department conducts searches in Andhra, Telangana
The Income-Tax (I-T) Department carried out search and seizure operations on Nov 10 on three different groups at 30 different premises in Visakhapatnam, Hyderabad, Vizianagaram and Srikakulam.
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New Delhi: The Income-Tax (I-T) Department carried out search and seizure operations on Nov 10 on three different groups at 30 different premises in Visakhapatnam, Hyderabad, Vizianagaram and Srikakulam. These groups are mainly engaged in the real estate business of development of residential plots and construction of apartments. Further investigations are in progress.
During the search operation, various incriminating evidence such as digital evidence, hand written books, loose sheets containing undisclosed cash transactions was found and seized by the department.
The analysis of evidence gathered by the department revealed that expenses have been inflated through bogus claims, to suppress taxable income.
It was also detected that the groups had resorted to making transactions in cash which have not been reflected in the books of accounts.
So far, unaccounted cash of Rs1.20 crore and jewellery valued at Rs90 lakh have been seized.
Prohibitory orders have been placed on 9 bank lockers. Overall, the search operation has resulted in the detection of undisclosed income to the tune of about Rs 75 crore.
