Income Tax raids 2 Hyderabad based firms, seizes Rs 5.3 crore assets

Hyderabad: The Income Tax Department conducted raids at the offices of two city-based real estate firms and seized unaccounted cash upto Rs 5.3 crore.
The offices of Sampat Raghupati Reddy, a partner in Giridhari Construction, and Bhasyam Navin, a partner in Bhashyam Realtors, were searched as part of the raids.

An official from the department said, “Giridhari Construction and Bhasyam Realtors are both companies in the real estate business. They deal with the sale of plots and apartments. During the searches, it was found that buyers had paid the companies in cash, and there was no record of the transactions.

Income Tax: Cash seized not poll-bound
The Income Tax Department conducted raids at the offices of two Hyderabad-based real estate firms and seized unaccounted cash amounting to Rs 5.3 crore. We are checking when these payments were made.”

The authorities of the Income Tax Department were able to crack down on the companies after profiling them. “We usually profile company transactions. In 2017, we seized a total of Rs 11 crore in the form of unaccounted cash from companies in the city,” the official said.

The searches are likely to continue on Friday as well. Officials have ruled out the possibility of the cash being stored in connection with the Karnataka elections as the companies have no political background.

Meanwhile, the Income Tax Department has seized Rs 14.48 crore in cash during raids at multiple locations, including in poll-bound Karnataka, in the wake of recent cash crunch in the country, officials said on Thursday. They said the department raided a number of entities that were found to be hoarding cash in various states.