The Income Tax Department carried out search and seizure operations on November 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 the development of residential plots and the construction of apartments.
During the search operation, various incriminating evidence including digital records, handwritten books, loose sheets containing undisclosed cash transactions were found and seized, a Finance Ministry release said.
The release said that the analysis of this evidence reveals 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".
The release said unaccounted cash of Rs. 1.20 crore and jewellery valued at Rs 90 lakh have been seized so far.
Prohibitory orders have been placed on nine bank lockers.
The search operation has resulted in the detection of undisclosed income to the tune of about Rs75 crore, the release said.
Further investigations are being done.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor