IT Dept. prosecutes Telangana MLA over undisclosed income of over Rs 500 crores
Hyderabad [India], Jan. 19 (ANI): A Telangana MLA is being prosecuted by the Income Tax Department for tax evasion of undisclosed income of more than Rs 500 crores.
IT officials told ANI that the MLA's institutions were searched in December 2015 by the Bangalore Investigation Directorate of Income tax.
The search led to the seizure of cash about Rs 20 crores and seizure of highly incriminating documents and detection of undisclosed income of more than Rs 500 crore.
The MLA, whose education trust is running a number of educational institutions including a medical college last month, filed an anticipatory bail application before the Principal Sessions Court, Raichur.
While granting the anticipatory bail, the court directed him to surrender before the investigating officer of the Income Tax Department and furnish personal bond of Rs 5 Lakh and surety bond of equal sums.
The MLA appeared before the Investigating officer on 5-1-2017 and furnished the bonds as directed by the court.
The case relates to a criminal prosecution complaint filed by Investigation Directorate of the Income Tax Department Bangalore in November 2016 under sections 276(I) AND 277 of the Income Tax Act, 1961 for the offences of wilful attempt to evade taxes etc and false statement in verification etc involving substantial loss of revenue to the Government. (ANI)