I-Tax raids on businessman`s home yields Rs. 36 lakh

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NEWDELHI/IMPHAL Jan 18: In poll bound Manipur, sleuths of the Income Tax Department have seized 36 lakhs and 50 thousand rupees in cash from the possession of one businessman at Thangal Bazar in Imphal.

Official sources said, on a tip of information, IT officials raided the residence of the businessman yesterday and recovered the money. An undisclosed account of 10 crore of rupees was also found from him.

Following the incident, IT sleuths have raided the residence of the businessman’s younger brother located at Jaipur in Rajasthan. Investigation is going on to ascertain whether the seized money is meant for election purposes or not. Meanwhile, expenditure observers of the forthcoming state assembly elections and IT officials are keeping strict vigil on the candidates and major money transactions in the state.

The Income Tax Department will launch a special drive from Friday to verify high value transactions to catch tax evaders. During the drive taxes officials may visit the premises of assesses and enquire about their sources of income.

According to an official press release issued in New Delhi today, the Central Board of Direct Taxes, CBDT has directed the I-T Department to launch a special drive for verifying high value transactions including investments, deposits and expenditure from persons who are not assessed for income tax. The officials will also scrutinize the account of those persons who have not furnished their PAN while entering into such transactions.

The high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices. The two-month-long drive is expected to raise tax collections and help the government bridge the fiscal deficit, which is expected to exceed the Budget target of 4.6 per cent of the Gross Domestic Product.

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