Live
- Over 7,600 Syrians return from Turkiye in five days after Assad's downfall: minister
- Delhi BJP leaders stay overnight in 1,194 slum clusters
- Keerthy Suresh and Anthony Thattil Tie the Knot in a Christian Ceremony
- AAP, BJP making false promises to slum dwellers for votes: Delhi Congress
- 'Vere Level Office' Review: A Refreshing Take on Corporate Life with Humor and Heart
- Libya's oil company declares force majeure at key refinery following clashes
- Illegal Rohingyas: BJP seeks Assembly session to implement NRC in Delhi
- Philippines orders full evacuation amid possible volcanic re-eruption
- Government Prioritizes Welfare of the Poor, says Dola Sri Bala Veeranjaneyaswamy
- Two Russian oil tankers with 29 on board damaged due to bad weather
I-T raids reveal 800-cr deceptive cash deals
I-T raids reveal 800-cr deceptive cash deals (Representational Image)
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.
New Delhi: 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 taxman raided over two dozen premises linked to Navya, Ragamayuri and Skandarshi on January 5 in Kurnool, Anantapur, 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.
