Income Tax Department conducts searches in Andhra Pradesh and Telangana on Three Real Estate Developers

Income Tax Department conducts searches in Andhra Pradesh and Telangana on three Real Estate Developers On January 5, 2022, the Income Tax Department conducted a search and seizure operation on three real estate developers who were involved in land development and building operations in Kurnool and other mofussil districts of Andhra Pradesh and Telangana. The search operation included more than two dozen locations in Kurnool, Ananthapur, Kadapa, Nandyal, Bellary, and other cities. Several damning documents, such as handwritten books, agreements, and so on, were discovered and seized during the search activities. A specialist software application, as well as other electronic devices, have been searched for digital data. One of the assessee groups was discovered to be utilizing software that had been systematically updated to erase the unexplained cash element of the consideration received and to report the sale consideration that matches the registered sale price in the regular books of account. These organizations have been found to receive payment in excess of the property's registered value. Such unexplained cash is utilized to make on-money payments toward the purchase of lands and for other purposes. So far, the search operation has resulted in the seizure of Rs.1.64 crore in undeclared cash. Unaccounted cash transactions totaling Rs. 800 crore were discovered as a result of the investigation. More research is being carried out.