New Delhi, Apr 1 (IANS): The Income Tax Department has carried out search and seizure operations on two real estate developers engaged in real estate activities mainly in and around Yadagirigutta suburb of Hyderabad.

The developers are into plot ventures as well as in the construction of apartments, said a Finance Ministry statement.

During the course of the search, unaccounted cash of Rs 11.88 crore and gold jewellery valued at Rs 1.93 crore has been seized. The search has resulted in the detection of incriminating evidences relating to the unaccounted cash receipts to the tune of Rs 700 crore for the last six years, the income of which is taxable in the hands of the transacting parties, it said.

Further, many incriminating documents, hand written books, and agreements were also seized. Data was also recovered from a specialised software application as well as from other electronic gadgets.

"The groups were found to be accepting cash over and above the registered value and such unaccounted cash is used for on-money payment for purchase of land and other incidental business expenditure," said the official statement.

Further investigations in the matter are in progress, it said.