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Income Tax department finds Rs 800 crore ‘shady’ realty deals

One of the firms was found using software that eliminated the unaccounted cash element of the consideration received, and recorded in regular account books the sale that matched the registered price.

Published: 11th January 2022 03:56 AM  |   Last Updated: 11th January 2022 03:56 AM   |  A+A-

Raids

For representational purposes

By Express News Service

VIJAYAWADA: Officials of the Income Tax Department detected alleged unaccounted cash transactions of Rs 800 crore in searches conducted on the premises of three realtors engaged in developing land and construction activities in Kurnool town, and other rural areas of Andhra Pradesh and Telangana. 

The January 5 search on more than two dozen premises in Kurnool town, Nandyal, Ananthapur, Kadapa, Ballari (Karnataka), etc., also led to the seizure of unaccounted cash of Rs 1.64 crore, the Union Finance Department said in a statement on Monday. 

The officials seized several documents and gadgets. One of the firms was found using a software that systematically eliminated the unaccounted cash element of the consideration received, and  recorded in regular account books the sale that matched the registered price.

The groups accepted cash higher than the registered value. “Such unaccounted cash was used for payments of on-money towards the purchase of lands and other expenditure,’’ the statement added. 



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