New Delhi: The Income Tax department said on Friday it has detected alleged financial irregularity of ₹1,200 crore in a Hyderabad-based real estate business during a search and seizure operation held earlier this week. During the operation, many incriminating documents were seized indicating involvement of the group in unaccounted transactions, the department said. “Incriminating evidence/documents have been recovered, which indicate that the loss was artificially created to set off the respective capital gain. The search operation led to detection of artificial loss of approximately Rs. Unaccounted cash transactions with the associates of the group have also been detected during the search, and the quantum is under assessment.

Source: Mint July 09, 2021 12:22 UTC