₹800 crore black money detected after I-T raids in Andhra, Telangana

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Andhra Samachar News Bureau
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Vijayawada, January 11, 2021: The Income Tax department has detected black money of ₹800 crore after raids in Andhra Pradesh and Telangana, the Finance Ministry informed on Monday.

The department carried out a massive search on 5 January on three real estate developers, engaged in the business of land development as well as construction activities in the town of Kurnool and other mofussil areas of Andhra Pradesh and Telangana according to the reports published in livemint.com.

More than two dozen premises had been covered in the search operation spread over Kurnool, Ananthapur, Kadapa, Nandyal, Bellary, etc.

During the course of the search operations, the tax sleuths found that one group had been using a software which had 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”.

“These groups have been found to be accepting cash over and above the registered value of the properties. Such unaccounted cash is used for payments of on-money towards the purchase of lands and incurring other expenditure,” the ministry said.

It further informed that the search action has so far led to the seizure of unaccounted cash of Rs.1.64 crore. “The search has resulted in the detection of unaccounted cash transactions to the tune of Rs. 800 crore,” it added.

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