Quick Summary
The Income Tax Department carried out search and seizure operations on two real estate developers engaged in the real estate activities mainly in and around Yadagirigutta, suburb of the Hyderabad City. They are into plot ventures as well as in the construction of apartments. During the course of
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FAQ :
The Income Tax Department conducted the search and seizure operations.
Two real estate developers in Hyderabad, involved in plot ventures and apartment construction, were searched.
Incriminating documents, handwritten books, agreements, electronic data, Rs 11.88 crore in unaccounted cash, and gold jewellery valued at Rs 1.93 crore were seized.
The developers were reportedly accepting cash above registered values and using unaccounted cash for land purchases and business expenses.
Evidence suggests unaccounted cash receipts to the tune of Rs 700 crore over the last six years.
No, further investigations are currently in progress.
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