Income Tax raids on realty firms continue in Telangana

HYDERABAD: Income Tax officials carried out searches for the second day on Thursday at the offices of Oorjita Constructions, Trident, CSK, and Sri Aditya Home Private Limited here. The officials conducted searches at 12 locations w i t h 24 teams at Jubilee Hills, Kukatpally, Secunderabad and Madhapur.

The I-T officials found irregularities in companies’ tax returns indicating tax evasion for the last four years. They inquired with the companies’ auditors and accountants who were not present at the time of searches on Wednesday. The officials reportedly found several cash transactions.

The funds were received from customers under pre-booking or to block their interested area in ongoing constructions. The I-T sleuths seized account books from the company directors’ residences and agreement documents from offices.

Sources stated that the companies collected 60 per cent in cash from customers and only 40 per cent of payments through cheques or through online transfers. Only the 40 per cent part was mentioned in their tax returns. Searches are likely to continue on Friday as well.