Income Tax Department conducts searches in Andhra Pradesh and Telangana

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..... Income Tax Department conducts searches in Andhra Pradesh and Telangana
News and Press Release
Dated:- 17-11-2021

The Income Tax Department carried out search and seizure operations on 1 .....

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..... 0.11.2021 on three different groups at 30 different premises in Visakhapatnam, Hyderabad, Vizianagaram and Srikakulam. These groups are mainly engaged in real estate business of development of residen .....

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..... tial plots and construction of apartments. During the search operation, various incriminating evidences such as digital evidence, hand written books, loose sheets containing undisclosed cash transact .....

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..... ions were found and seized. The analysis of this evidence reveals that expenses have been inflated through bogus claims, to suppress taxable income. It was also detected that the groups had resorted t .....

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..... o making transactions in cash which have not been reflected in the books of accounts. So far, unaccounted cash of ₹ 1.20 crore and jewellery valued at ₹ 90 lakh have been seized. Prohibit .....

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..... ory orders have been placed on 9 bank lockers. Overall, the search operation has resulted in the detection of undisclosed income to the tune of about ₹ 75 crore. Further investigations are in p .....

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..... rogress.
News - Press release - PIB .....

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