To be vetted: Income-tax raids in Poll-Bound Bihar

To be vetted: Income-tax raids in Poll-Bound Bihar

AgenciesUpdated: Thursday, October 08, 2020, 12:45 AM IST
article-image
To be vetted: Income-tax raids in Poll-Bound Bihar |

Just as Bihar got into the poll gear, the Income-Tax Department kicked off raids on a person in the business of mining and hotel industry as also on a chairman of a large cooperative bank.

It claimed seizure of unexplained cash of Rs 1.25 crore and the fixed deposits worth Rs 6 crore that were placed under prohibitory orders. The department, however, did not reveal the identity of two raided by the Income-Tax sleuths, except revealing that the raids were carried out on Tuesday in Patna and Sasaram in Bihar as also in Varanasi.

A press release of the department said it is also probing the source of investment in houses, a hotel and various vehicles. The documents found during the search also reveal that unaccounted and illegal mining of stone was also undertaken by the group. Further, it is seen that the books of accounts reflect crores of credits, which are also being examined for genuineness.

An amount of Rs 75 lakh was found in a car. Investigations showed that this was unaccounted money, linked to the cooperative bank chairman. The press release said document having details of substantial cash transactions were seized as these transactions are not reflected in the income returns.

RECENT STORIES

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu..."; Here's How To Save...

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu...

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...