The Income Tax (IT) Department on Wednesday conducted searches on two real estate developers in Hyderabad and seized Rs 11.88 crore and gold jewelry worth Rs 1.93 crore, said the Finance Ministry.
In a statement, the ministry said that the search and seizure operations were conducted mainly in and around Yadagirigutta, a suburb of Hyderabad city.
The real estate developers are into plot ventures as well as in the construction of apartments, said the ministry.
According to the statement, many incriminating documents, handwritten books, agreements, etc indicating unaccounted cash transactions were seized during the course of search operations.
"Data was also recovered from a specialised software application as well as from other electronic gadgets. The groups were found to be accepting cash over and above the registered value and such unaccounted cash is used for on-money payment for the purchase of land and other incidental business expenditure," said the ministry.
The ministry further informed that unaccounted cash of Rs 11.88 crore and gold jewelry valued at Rs 1.93 crore was seized during the search.
The ministry said that the search has resulted in the detection of incriminating evidence relating to the unaccounted cash receipts to the tune of Rs 700 crore for the last six years, the income of which is taxable in the hands of the transacting parties.
( With inputs from ANI )
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