Income tax raid in Andhra Pradesh Telangana, Rs 800 crore undisclosed cash transaction detected
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Income Tax Raid: The Income Tax Department has conducted raids in Andhra Pradesh (Andhra Pradesh) and Telangana (Telangana). The Income Tax Department conducted these raids on three real estate developers who are involved in land development and construction activities in Andhra Pradesh and Telangana Kurnool city and other mufassil areas. More than two dozen premises were covered in the search operation spread over Kurnool, Anantapur, Cuddapah, Nandyal, Bellary etc.
During this Income Tax search operation, many incriminating documents like handwritten books, agreements etc. have been found and seized. Digital data from a particular software application as well as other electronic gadgets have also been seized. Investigations against a group have revealed that it is using software that systematically modifies unaccounted cash transactions that match the registered sales value sales to record in the regular books of account. .
Also read: Budget 2022-23: Real estate developers demand to Finance Minister, tax exemption limit on home loan interest should be increased to Rs 5 lakh
Investigations against these group properties revealed that they were accepting cash in excess of the registered value. Such unaccounted cash is used to make on-money payments for land purchases and other expenses. Cash worth Rs 1.64 crore has been recovered in the searches conducted so far. Further investigation of Income Tax Department is going on.
Also read: Indian Railways Update: For traveling from state-of-the-art redeveloped railway stations, more fare will have to be paid, railways preparing to charge station development fees!
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