The Income Tax (I-T) department on Monday conducted searches at the offices of a real estate company in Chevella and Shadnagar, Hyderabad, following allegations of illegal land transactions. The company is accused of selling prime land in Shadnagar to a multinational corporation in violation of established norms.
I-T officials seized critical documents and computer equipment from the company’s premises, which will be examined in detail to uncover any discrepancies and violations. Sources indicate that the raid was prompted by the company’s failure to disclose the land transaction in its balance sheet, raising suspicions of financial misconduct. The searches are part of an ongoing investigation into the real estate company’s business practices. While the exact nature of the violations is yet to be fully determined, I-T officials are focused on reviewing the seized documents to gather more information. Additional details on the case are expected to emerge after a thorough analysis of the data. This development highlights ongoing efforts by the authorities to crack down on illegal land deals and financial irregularities within the real estate sector, particularly in high-value transactions involving land in prime locations. The investigation is expected to have significant implications for the company, as the I-T department works to determine whether there were any attempts to conceal or manipulate financial records related to the land deal.
The real estate industry in Hyderabad has been under close watch in recent months due to increasing concerns over land transactions, especially in rapidly developing areas like Shadnagar. Real estate companies are required by law to maintain transparency in financial reporting, particularly in cases of large-scale land sales. The company involved in the recent I-T raids failed to disclose the prime land transaction properly, a fact that prompted the department’s swift intervention. Industry observers suggest that this is not an isolated case and that the I-T department’s action is part of broader efforts to clamp down on financial malpractices and unaccounted-for land sales. The department has reportedly stepped up its scrutiny of land dealings and real estate companies in Hyderabad, which has seen significant property value appreciation in recent years, attracting the attention of both domestic and foreign investors.