Hyderabad: The searches by the Income Tax Department on three real estate firms in Andhra Pradesh and Telangana have resulted in the detection of unaccounted cash transactions to the tune of Rs 800 crore.
The IT Department said it carried out a search and seizure operation on January 1 on three real estate developers, engaged in the business of land development as well as construction activities in the town of 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, Anantapur, Kadapa, Nandyal, Bellary, etc. During the course of the search operations, several incriminating documents, such as handwritten books, agreements, etc. have been found and seized, an official said.
The IT officials seized digital data from a specialised software application as well as from other electronic gadgets. They found one of the firms using software that was modified to eliminate the unaccounted cash element of the consideration received.
“These groups have been found to be 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 lands and incurring other expenditure. So far, the search action has led to the seizure of unaccounted cash of Rs 1.64 crore,” the department said.
The IT sleuths were carrying further investigations.