Rs 75 Crore Black Income Detected After Raids On Real Estate Groups In Andhra, Telangana

The Income Tax Department detected undisclosed income of Rs 75 crore after raiding three different real estate business groups based in Andhra Pradesh and Telangana, the CBDT said on Tuesday.

The searches were carried out on November 10 at 30 premises in Vishakhapatnam, Hyderabad, Vizianagaram and Srikakulam.

"The search operation has resulted in the detection of undisclosed income to the tune of about Rs 75 crore," the CBDT said in a statement.

It added that Rs 1.20 crore in cash and jewellery valued at Rs 90 lakh were seized and prohibitory orders placed on nine bank lockers found during the raids.

The Central Board of Direct Taxes (CBDT) frames policy for the tax department.

"Various incriminating evidence such as digital evidence, hand-written books, loose sheets containing undisclosed cash transactions were seized during the searches," it said

"The analysis of this evidence reveals that expenses have been inflated through bogus claims, to suppress taxable income," the CBDT alleged.

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