JOIN USThe case pertaining to evasion of tax against Navodaya Education Society, run by Narayanpet (Telangana) MLA S R Reddy, will come up for hearing before the court of judicial magistrate first class (JMFC) on January 5.
The Income Tax department had conducted search and seizure operations on the institution in December 2015 and had seized around Rs 20 crore in cash. Unaccounted income of more than Rs 500 crore was unearthed during the search. The I-T authorities had initiated proceedings against the assessee by filings complaints before the JMFC court on charges of wilful attempt to evade tax and for making false statements.
The assessee has filed an application before the principal district court seeking anticipatory bail. The matter is likely to come up for hearing this week.