Income Declaration Scheme: Rs 10,000 crore' businessman's firm worth Rs 1.4 lakh

HYDERABAD: Income-Tax officials on Tuesday searched the house of city-based businessman Banapuram Laxman Rao who had declared Rs 9,800 crore under the Income Declaration Scheme but failed to pay the stipulated first installment tax.

Sleuths got suspicious and are verifying the genuineness of the disclosure, as four companies in which Mr Laxman Rao is director had not filed balance sheets with the Registrar of Companies.

The last balance sheet of one company — BLR Builder and Developers Private Ltd in which he and his wife B. Ramadevi are directors — was filed with the RoC as on March 31, 2014. It showed that the total assets of his company were just Rs 1.42 lakh.

During the day, I-T sleuths conducted searches on the house of Mr Laxman Rao in Filmnnagar. It is located in a posh area where tennis stars, film personalities and ministers live. Local police also assisted IT sleuths in the search.

Mr Laxman Rao had filed the IDS with the local income tax range-14, declaring a cash of about Rs 9,800 crore in his possession, through two applications in the names of his family members.