The income-tax department, in raids on premises of real estate firms, detected black money worth Rs 75 crore. The raids were conducted on the premises of real estate developers in Vizianagaram, Srikakulam, Visakhapatnam and Hyderabad. The raids were conducted in 30 premises of the realtors.
The IT officials seized Rs 1.20 crore in cash and gold ornaments worth Rs 90 lakh. Moreover, several digital records, registers, transaction receipts were seized because of realtors hiding income from the IT department. Several cash transactions were not mentioned in the books of accounts, the IT authorities said.
