Hyderabad: I-T raids realty cos

Hyderabad: Noted construction companies operating in the two Telugu states came under IT (Income tax) scanner on Wednesday. Income Tax officials carried out the raids on the offices of Urjitha Constructions and Sri Aditya Home Private Limited. It is learnt that Aditya Constructions is owned by a top BRS leader from Andhra Pradesh.

Sources said that 50 teams from Hyderabad, Bengaluru and Chennai conducted the searches in the offices and residences of the realty company owners and top executives.

The IT officials seized some documents and sought the details of IT returns. Sources said the realty companies had evaded tax payments in the last financial year and pending dues in the current year.

It is alleged that the realty companies also did not furnish details of the project expenditures and revenues generated after selling the units in the city. Nearly Rs 2,000 crore projects have been taken up by each of these construction companies and the progress of the works were at different stages.

The houses of Urjitha Constructions MD Srinivasa Reddy and Aditya Homes Pvt Ltd Director Kota Reddy and his son Aditya Reddy were searched. The IT raids will continue on Thursday.