Tax department detects unreported cash deals of Rs800 crore by developers
Premium- The transactions came to light during a recent search on the three developers at over two dozen places including Kurnool, Ananthapur, Kadapa, Nandyal and Bellary
NEW DELHI : The Income Tax department said on Monday it has detected unaccounted cash transactions of ₹800 crore by three real estate developers in Andhra Pradesh and Telangana.
The transactions came to light during a recent search on the three developers at over two dozen places including Kurnool, Ananthapur, Kadapa, Nandyal and Bellary.
During the search, handwritten books, agreements and digital data from software applications and electronic gadgets have been captured.
It has been found in the case of one of the assessee groups that it 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, said the department statement.
These groups have been accepting cash over and above the registered value of property and the unaccounted cash has been used for payments towards the purchase of land, the statement said. Officials have also detected unaccounted cash of Rs.1.64 crore during the operation.
The Income Tax department has been conducting search and survey operations regularly based on inputs from various regulatory agencies including the indirect tax administration. The effort is to zero in on cases of revenue leakage based on mismatches and irregularities that come to light in data analytics, which is probed further. The department has been increasingly collecting more data about transactions in the economy from various sources to detect unreported assets and income.
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