Rs 700 Crore Tax Evasion Detected After Raids On Hyderabad Realty Developers

Cash amounting to Rs 11.88 crore and jewellery worth Rs 1.93 crore were also seized during the action against the groups based in and around Yadagirigutta, a suburb of Telangana's capital city, the Central Board of Direct Taxes (CBDT) said.

The Income Tax Department on Wednesday claimed to have detected tax evasion of about Rs 700 crore after it raided two real estate developers based in Hyderabad recently. Cash amounting to Rs 11.88 crore and jewellery worth Rs 1.93 crore were also seized during the action against the groups based in and around Yadagirigutta, a suburb of Telangana's capital city, the Central Board of Direct Taxes (CBDT) said. The entities searched are into plot ventures as well as construction of apartments, it said in a statement. "During the course of the search operations, many incriminating documents, hand written books, agreements, among others, indicating unaccounted cash transaction were seized.