CBDT sets Rs 1 lakh threshold per assessee for withdrawal of old tax demands
BENGALURU:
In yet another significant development, the Income Tax (IT) department officials have seized a staggering Rs 40 crore from the apartment of a prominent contractor in the city.
During their search of contractor Santhosh’s apartment in Kathamaranahalli, Rajajinagar, they uncovered an astonishing amount of Rs 500 currency notes, totaling Rs 40 crore. The cash was found stashed away in trunks, suitcases, and bags.
This comes shortly after the recent discovery of Rs 42 crore at the residence of Ambikapati R, the vice-president of the Karnataka State Contractors Association.
When questioned about the origin of the money, the contractor claimed that a portion of it belonged to a former MLC of the Congress party. In light of this revelation, the authorities summoned the former MLC’s brother for further interrogation.
This latest raid serves as a stark reminder of the pervasive issue of tax evasion within the city. The IT department remains committed to cracking down on such illicit activities and ensuring that those responsible are held accountable.
As part of their ongoing efforts to combat tax evasion, the IT team has been conducting raids on various individuals, including realtors, jewelers, and contractors.
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