IT Department carries out search and seizure operations in Bengaluru and Hyderabad

Income Tax Department yesterday carried out search and seizure operations on two leading real estate groups of Bengaluru and Hyderabad.

The search action covered more than 40 premises located in Bengaluru, Hyderabad and Chennai.

Central Board of Direct Taxes in a statement said that during the course of the search operations, several incriminating documents and digital evidence have been seized. The initial analysis



of the seized documents has also revealed that these groups have suppressed income to the tune of  90 crore rupees.

Both the groups have indulged in tax evasion by inflation of expenses in the construction and development business. So far, the search action has led to the seizure of undisclosed cash of 3.50 crore rupees and gold, silver, and jewelry worth  18.50 crore rupees.