IT dept detects Rs 700 cr tax evasion after raids on Hyderabad-based realty builders

Picture Supply : PTI

IT dept detects Rs 700 cr tax evasion after raids on Hyderabad-based realty builders

The Revenue Tax Division on Wednesday claimed to have detected tax evasion of about ₹ 700 crore after it raided two actual property builders based mostly in Hyderabad lately.

Money amounting to ₹ 11.88 crore and jewelry value ₹ 1.93 crore had been additionally seized throughout the motion towards the teams based mostly in and round Yadagirigutta, a suburb of Telangana’s capital metropolis, the Central Board of Direct Taxes (CBDT) stated.

The entities searched are into plot ventures in addition to development of flats, it stated in a press release.

“In the course of the course of the search operations, many incriminating paperwork, hand written books, agreements, amongst others, indicating unaccounted money transaction had been seized.

“The info was additionally recovered from a specialised software program software in addition to from different digital devices,” the CBDT claimed.

It stated the teams had been discovered to be accepting money over and above the registered worth and such unaccounted money was used for on-money cost for buy of land and different incidental enterprise expenditure.

“The search has resulted within the detection of incriminating evidences regarding unaccounted money receipts to the tune of ₹ 700 crore for the final six years, the revenue of which is taxable within the fingers of the transacting events,” it added.

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