IT Department Raids 30 Premises in AP & Telangana, Seizes ₹75 Crores From Groups Engaged in Real Estate

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The Income Tax Department of India conducted coordinated search operations across the states of Telangana and Andhra Pradesh on November 10th. The search operation resulted in the IT Dept. uncovering undisclosed income which amounted to a total of ₹75 crores. The Central Board of Direct Taxes (CBDT) revealed the information regarding these search operations on Tuesday 16th November. In AP & Telangana, the raids were conducted in Visakhapatnam, Vizianagaram, Srikakulam and Hyderabad cities.

The Income Tax Department carried out search & seizure operations on 10th November at 30 different premises belonging to three different groups. These three groups mentioned primarily conduct their business in the real-estate market by developing residential plots and construction of apartments. The officials conducting the raids unearthed a lot of convicting evidence against the 3 groups which included handwritten books, digital records, loose sheets containing details of undisclosed cash transactions – all of which were sealed and seized by the officials. The total value of the undisclosed income by the 3 groups tallies to approximately ₹75 crores.

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When the IT Dept. & CBDT conducted analysis of the evidence gathered, they found out that the expenses were inflated through fake claims to hide the taxable income. All 3 groups had also resorted to making transactions of large sums of money in cash which were deliberately not mentioned in account records & books. The officials also discovered unaccounted cash worth ₹1.2 crores & jewelry worth ₹90 lakhs. All known nine bank lockers of these groups have been place under prohibitory orders to prevent anyone from accessing them.

The Income Tax Department also found another 200 crores of undisclosed income from raids conducted in Pune at premises of a Pune based heavy machinery which manufactures cranes & mining machines/equipment. Raids were conducted in 11 cities across India on 10th & 11th November at 25 places.

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The Income Tax Department also uncovered unaccounted income to the tune of ₹600 crores while carrying out search & seize operations at premises of 2 companies based in Delhi and Gurugram. Apart from the trails of ₹600 crores worth of undisclosed income, the officials of the IT Dept. also found undisclosed cash of ₹3.5 crores and gold/jewelry of more than ₹5 crores in value. A total of 18 bank lockers linked to these companies have been placed under prohibition and the officials are working on opening them where supposedly more cash & relevant documents hiding undisclosed assets lie.