The Income Tax Department has conducted searches in poll-bound Bihar and UttarPradesh against a businessman involved in mining and the hotel industry and the chairman of a “large” cooperative bank, the CBDT said on Wednesday. It said the raids were conducted on Tuesday in Patna, Sasaram and Varanasi on the basis of “actionable intelligence” and Rs 1.25 crore cash was seized while fixed deposit receipts of Rs 6 crore were placed under “prohibitory orders.”
“During the search, an amount of Rs 75 lakh was found in a car belonging to the businessman involved in mining and hotel industry. Subsequent investigations led to the finding that this amount was unaccounted and was also linked to the chairman of a large cooperative bank,” the CBDT said in a statement.
“Unaccounted cash and documents with details of substantial cash transactions were found and seized. These transactions are not reflected in the corresponding returns of income,” it said. The Central Board of Direct Taxes (CBDT) is the administrative authority of the I-T department.
The Board did not identify those who were raided but sources said the businessman has links with a political party in Bihar. Polls for the 243-member Bihar assembly will be held in three phases — October 28, November 3 and November 7 — and counting of votes will take place on November 10.
“The department is also investigating the sources of investment in houses, a hotel and various vehicles of this individual (businessman). The documents found during the search also reveal that unaccounted and illegal mining of stone was also undertaken by the group,” it said. Their books of accounts reflect credit worth crores of rupees, which is also being examined for genuineness, the CBDT said.
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