The Income Tax Department detected undisclosed income of ₹ 75 crore after raiding three different real estate business groups based in Andhra Pradesh and Telangana, the CBDT said on Tuesday.
The searches were carried out on November 10 at 30 premises in Vishakhapatnam, Hyderabad, Vizianagaram and Srikakulam.
“The search operation has resulted in the detection of undisclosed income to the tune of about ₹ 75 crore,” the CBDT said in a statement.
It added that ₹ 1.20 crore in cash and jewellery valued at ₹ 90 lakh were seized and prohibitory orders placed on nine bank lockers found during the raids.
The Central Board of Direct Taxes (CBDT) frames policy for the tax department.
“Various incriminating evidence such as digital evidence, hand-written books, loose sheets containing undisclosed cash transactions were seized during the searches,” it said