Hyderabad: The sleuths of Income Tax cracked down on two Hyderabad-based Infra companies and seized unaccounted cash of Rs. 11.88 Crore and gold jewellery valued at Rs. 1.93 crore.
The tax investigation unit of Hyderabad, on 22nd of March carried out searches against JSR Group SunCity represented by promoter Dr. Jadapalli Narayana and Spectra Group- by directors Arun Kumar Gampa and Jagan Mohan Mariyala.
The two real estate developers are engaged in the construction activities mainly in and around Yadagirigutta, suburb of the Hyderabad City. According to the records, the companies sell plot ventures as well as construct apartments.
The searches resulted in seizing many incriminating documents, hand written books, agreements. The data was also recovered from a specialized software application as well as from other electronic gadgets. "The groups were found to be accepting cash over and above the registered value and such unaccounted cash is used for on-money payment for purchase of land and other incidental business expenditure" IT sleuths said in a statement.
Pertinent to note that, searches revealed involvement of few regional politicians in the real estate transactions. Searches were also held at the residence of Beerla Ilaiah- who is the Congress party in-charge of Aleru Assembly Constituency. " The team is probing into land transactions of Beerla Ilaiah regarding the lands he sold to the real estate companies" sources said.
The search also resulted in the detection of incriminating evidence relating to the unaccounted cash receipts to the tune of Rs. 700 crore for the last six years, the income of which is taxable in the hands of the transacting parties.