Income Tax Dept Conducts Searches in Andhra Pradesh and Telangana

On November 10, 2021, the Income Tax Department conducted search and seizure operations on three separate groups at 30 different locations in Visakhapatnam, Hyderabad, Vizianagaram, and Srikakulam. These organizations are primarily involved in the development of residential plots and the construction of apartments in the real estate industry.

Various incriminating evidences were discovered and seized during the search operation, including digital evidence, handwritten books, and loose sheets containing hidden monetary transactions. The analysis of this data demonstrates that expenses were overstated by making false claims in order to reduce taxable revenue. It was also discovered that the organizations had resorted to making cash transactions that had not been recorded in the books.

Unaccounted cash worth Rs. 1.20 crore and jewelry worth Rs. 90 lakh have been confiscated thus far. Nine bank lockers have been placed under prohibition orders. A total of Rs.75 crore in unreported income has been discovered as a result of the search operation.

More research is being carried out.