The Hindu : Karnataka / Bangalore News : Rs. 235-cr. unaccounted income unearthed

Online edition of India's National Newspaper
Thursday, Oct 25, 2007
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Karnataka

Karnataka - Bangalore

Rs. 235-cr. unaccounted income unearthed

Special Correspondent

BANGALORE: Raids conducted by the Directorate of Investigation of the Income Tax Department, Karnataka and Goa Circle, till September 30 have unearthed unaccounted income to the tune of Rs. 235 crore and unaccounted cash to the tune of Rs. 4.97 crore, according to release here on Wednesday.

The department had conducted search, seizure and survey operations with regard to 21 cases covering 46 premises, and investigations were under way. The cases were essentially those relating to real estate developers, financiers, mining and transport operators, the release said.

The Commissionerate of Income Tax (Central) under the Director-General of Income Tax, Karnataka and Goa, registered a growth of Rs. 58.5 per cent in tax collection. It collected taxes to the tune of Rs. 418 .63 crore up to September 30 as against the Rs. 264.14 crore collected during the corresponding period last year.

Two properties belonging to Abdul Karim Telgi allegedly involved in the fake stamp paper scam were auctioned by the Commissionerate of Income Tax (Central) in August, resulting in recovery of tax to the tune of Rs. 6.27 crore, the release added.

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