The Income Tax Department carried
out search and seizure operation on 05.01.2022 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, Ananthapur, 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. Digital data has also been seized from a specialized software
application as well as from other electronic gadgets. It has been found in the
case of one of the assessee groups that it has been using a software which has
been systematically modified to eliminate the unaccounted cash element of the
consideration received and to record in the regular books of account the sale
consideration that matches with registered sale price.
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 search has resulted in the detection of unaccounted cash transactions to the tune of Rs. 800 crore. Further investigations are in progress.
Source : PIB
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