Hyderabad: The Department of Income Tax (IT) seized irrational cash of Rs. 11.88 crown and gold jewelery worth Rs. 1.93 million during searches in the city and its suburbs.
The search led to the discovery of incriminating evidence regarding unaccounted for cash receipts worth Rs. In the last six years, 700 million, the income of which is taxable in the hands of the transactions, reads a press release from the IT department.
The IT department had earlier investigated and seized two property developers involved mainly in and around Yadagirigutta. They are engaged in plot businesses as well as the construction of apartments.
In the course of the search, many incriminating documents, handwritten books and agreements indicating unprecedented cash transactions were seized. The data was also retrieved from a specialized software application as well as from other electronic devices.
It has been found that the groups accept cash above the registered value, and such uncalculated cash is used for cash payment for the purchase of land and other incidental business expenses.
Source: Telangana Today