The Income Tax (I-T) department officials continued their rigorous raids in various parts of Bengaluru on Friday, resulting in the discovery of approximately Rs 42 crore in cash. The initial reports indicated that this substantial amount, primarily consisting of Rs 500 denominations, was stowed away in 23 cardboard boxes at the residence of the daughter of a prominent Bruhat Bengaluru Mahanagara Palike (BBMP) contractor.
These extensive searches were conducted at the flat located in Atmananda Colony in north Bengaluru. While sources suggested that the cash was possibly destined for transfer to neighboring Tamil Nadu, an official statement is awaited to confirm this information.
Source: The Economic Times
Simultaneously, another team carried out searches at the residence of a former corporator of Ward 95. The officials targeted the house belonging to Ashwathamma and R Ambikapati. Previously, the IT department had undertaken raids and searches at 25 locations in Bengaluru linked to two civic contractors, owing to suspected tax evasion.
The offices of BSR Infratech and Star Infratech in Sahakarnagar, Sanjaynagar, along with the residences of the individuals concerned, were scrutinized by the IT sleuths. Pertinent details about the companies’ transactions were gathered during the investigation, alongside the confiscation of cash and other related documents, as confirmed by sources.
Similar operations were conducted last week across the city, with IT officials conducting raids on properties associated with businessmen and doctors, citing suspicion of tax evasion. More than 15 locations, including Sadashivanagar, BTM Layout, Vijayanagar, Hulimavu, J C Road, and Shanthinagar, were subject to intensive searches by the IT officials. The searches have shed light on a concerning trend of potential tax irregularities in the city, prompting a stringent response from the authorities to curb any such unlawful practices.
Source: DH
The recent actions undertaken by the Income Tax Department highlight a significant push to clamp down on any potential tax evasion schemes within the city. With substantial sums of cash being unearthed during these raids, the authorities are actively pursuing leads that might lead to a deeper understanding of the overall scope and scale of such financial malpractices. The diligent efforts to scrutinize the transactions and possessions of key individuals and companies are indicative of a firm resolve to enforce tax compliance and ensure transparency in financial dealings.
These recent developments have also sparked a conversation around the need for stricter oversight and enforcement measures to prevent individuals and entities from engaging in any form of tax evasion. It remains to be seen how the investigations progress and what further revelations emerge in the aftermath of these extensive raids. The Income Tax Department is expected to release an official statement regarding the findings and implications of these operations, shedding more light on the specifics of the ongoing probes and the potential ramifications for those involved in these suspected financial irregularities.
