The Income Tax Department has detected unaccounted cash transactions of Rs 800 crore after it recently raided three real estate groups in Andhra Pradesh and Telangana, the CBDT said on Monday.
The unidentified groups are engaged in the business of land development and construction and the taxman raided over two dozen premises linked to them on January 5 in Kurnool, Ananthapur, Kadapa, Nandyal, Bellary and some other locations, it said.
Incriminating documents like handwritten books, agreements and digital data have been seized from a specialised software application as well as from other electronic gadgets, the Central Board of Direct Taxes (CBDT) said in a statement.
One group 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, the policy-making body for the Tax Department said.
These groups have been found to be "accepting cash" over and above the registered value of the properties and such unaccounted cash is used for cash payments towards the purchase of lands and incurring other expenditure, it claimed.
"So far, the search action has led to the seizure of unaccounted cash of Rs 1.64 crore...and has resulted in the detection of unaccounted cash transactions to the tune of Rs 800 crore," the statement said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
ITR Filing 2024 Deadline: Penalty For Missing The Income Tax Return Filing IRS Officer Ravi Agrawal Appointed Central Board of Direct Taxes Chairman Link PAN With Aadhaar Card Before May 31: Income Tax Department To Taxpayers Bangladesh Imposes Curfew, Deploys Military As 105 Die In Protests "Jindal Group Executive Showed Porn, Groped Me On Flight": Woman To NDTV Over 300 Indian Students Return Home As 105 Bangladeshis Killed In Protests Trump Says Spoke With Zelensky, Pledges To "End The War" Joe Biden Is The Best Person To Take On Trump, Says His Campaign Wife Among Two Jailed For Life For Man's Murder In Gurugram: Cops Track Latest News Live on NDTV.com and get news updates from India and around the world.