I-T detects Rs 120cr hidden income after raids on K'taka MLA

February 11, 2017 21:08

The Income Tax department today claimed to have detected undisclosed income worth Rs 120 crore and seized cash worth Rs 1.10 crore and 10 kg of gold after it conducted raids on a Congress MLA in Bengaluru earlier this week.

The department had been conducting searches since Thursday on multiple premises related to Hoskote MLA M T B Nagaraj as part of its investigation into alleged tax evasion charges against him and others.

"The raids conducted in the tax evasion probe case against the Congress MLA resulted in disclosure of unaccounted income exceeding Rs 120 crore. Unexplained cash worth Rs 1.10 crore and 10 kg gold have also been recovered as part of this action," officials said.

The department found that the undisclosed income was created by way of "unaccounted property investment and construction of commercial property, hospital, houses, withdrawal of bogus unsecured loans for the amount which is actually revenue receipt" and even some cash deposits made on account of renting out convention halls and paying guest accommodation.

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