IT dept raids Hyd realtor, who declared Rs 9,800 crore under IDS

Hyderabad Businessman House- IT raid-min

New Delhi, December 7: In a yet another sleuth for undisclosed income, Income Tax officials raided the offices and house of a businessman in Hyderabad who disclosed Rs 9,800 unaccounted cash under Income Declaration Scheme.

Banapuram Laxman Rao is a real estate businessman who has office and residence at posh localities of RTC crossroads, Ramanthapur and Film Nagar in Hyderabad.

The search has found that Laxman Rao was appointed as a director in four companies in the last 12 days only. The raids were conducted as he failed to pay Rs 1,125 crore income tax on the amount disclosed by him under IDS 2016.

Just a few days back a Gujrat based property dealer Mahesh Shah was arrested by IT department for the similar charges. Shah had alleged that the disclosure of Rs 13,860 crore under the Centre’s Income Declaration Scheme was a proxy declaration and it was not his unaccounted income but was the umbrella amount funded by politicians and big businessmen.

Next day, a sensational declaration of Rs 2 lakh crore by a Maharashtrian family of four was rejected by IT department. The declaration of Sayeed family was nearly three times the total amount of Rs. 65,250 crore declared under the Income Disclosure Scheme.

Wefornews Bureau


Related Posts