Telangana: Rs 7.5 crore seized from businessman

Hyderabad: Income Tax investigation teams seized Rs 7.5 crore of unexplained money from a businessman on Saturday. Based on information passed from the Central Board of Direct Taxes (CBDT), I-T sleuths conducted a raid. A source from the CBDT said that the businessman deposited demonetised Rs 500 and Rs 1,000 currency denominations with three banks to the tune of Rs 11 crore. “All the money was deposited in a short interval. As the deposits seemed to be suspicious, we have alerted central investigation teams from I-T in Hyderabad,” the source said.

An official from I-T said a no-tice was issued to the businessman seeking the source of inc-ome followed by the raids. “He explained the sources of inco-me for only Rs 3.5 crore and as he failed in explanation, we have seized Rs 7.5 crore,” he said. I-T officials have registered a case and are investigating the matter. Officials did not disclose the name of the businessman but said that penalty would be imposed as per Income Tax Act.