WEB DESK
The Income Tax department has identified about Two thousand crore rupees unaccounted income during its searches conducted over the past one week at premises belonging to three infrastructure companies in Andhra Pradesh and Telangana.
Central Board of Direct Taxes said that the search and seizure operations were carried out for past one week in Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune covering about 40 premises.
The CBDT said that investigations led to busting of a major racket of cash generation through bogus sub-contractors, over-invoicing and bogus billing. Several incriminating documents and loose papers were reportedly found and seized during the search. Besides emails, WhatsApp messages and unexplained foreign transactions unearthed during the raids. It was also said the search operation was also carried out on close associates including ex-personal secretary of a prominent person.