The I-T division conducted searches on three staunch property developers in mofussil areas of Andhra Pradesh and Telangana final week.
I-T division conducted searches on 3 staunch property developers in Andhra Pradesh and Telangana. (Representative File Photo)
The Profits Tax Division has applied a search and seizure operation on three staunch property developers, engaged within the industry of land trend as effectively as development actions in Kurnool town and various mofussil areas of Andhra Pradesh and Telangana.
Bigger than two dozen premises had been covered within the search operation unfold over Kurnool, Ananthapur, Kadapa, Nandyal and Bellary, amongst others.
At some stage within the future of the search operations applied on January 5, loads of incriminating paperwork, equivalent to handwritten books and agreements, had been came across and seized. Digital knowledge has also been seized from a specialised instrument application as effectively as from various digital items.
READ: Conmen posing as Profits Tax officials loot realtor of cash and gold in Hyderabad
It has been came across within the case of one of many assessee teams that it has been the utilization of instrument which has been systematically modified to effect away with the unaccounted cash element of the admire received and to sage within the usual books of memoir the sale consideration that matches with the registered sale tag, an legit assertion stated.
These teams had been came across to be accepting cash over and above the registered tag of the properties. Such unaccounted cash is extinct for price of on-cash in direction of the do away with of lands and incurring various expenditure.
Thus a ways, the search action has resulted in the seizure of unaccounted cash of Rs.1.64 crore.
The hunt has resulted within the detection of unaccounted cash transactions to the tune of Rs. 800 crore.
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