Income-Tax department notices to 8 Hyderabad's petrol bunks
It was alleged that petrol dealers deposited cash into fuel cards and collected money in advance and recovered old dues.
Hyderabad: Income-Tax department officials have served notices on at least eight petrol pump dealers in the city over huge cash deposits of demonetised notes after November 8.
It was alleged that petrol dealers deposited cash into fuel cards and collected money in advance and recovered old dues. Consortium of Petroleum Dealers joint secretary Rajiv Amaram said that he along with a few other petrol dealers in Hyderabad had received notices seeking explanation of huge sales.
He said, “They have pointed out that usually my sales would be around '20 lakh and after demonetisation it was Rs 40 lakh. I explained that my bunk is an ‘extra power’ centre and can deposit money in fuel cards.”
Local officials may have given notice: I-T
Consortium of Petroleum Dealers joint secretary Rajiv Amaram said, “‘Extra power’ centres are authorised to deposit in fuel cards. There are only two extra power centres in the city. The other is in Autonagar. There is no question of conversion of black money into white. Everything is accounted for. We had increased sales on these days as people came in large numbers.”
I-T sources said jurisdictional officers may have given notices to petrol pump dealers in the wake of reports that huge cash of Rs 500 and Rs 1,000 were deposited on November 8 and afterwards.
I-T officials swung into action following reports that fleet cards and other type of petrol cards were used to stash cash by educational institutions, transport operators and others.