KARNATAKA

I-T Dept. launches prosecution in Raichur medical college case

For unaccounted income of over Rs. 500 crore unearthed during searches conducted at Navodaya Education Trust that runs a medical college in Raichur, the Income Tax Department has now launched prosecution proceedings.

The search operations were conducted during December 2015.

The Income Tax sleuths had also seized approximately Rs. 20 crore during the search operations.

S.R. Reddy, MLA for Narayanapeta constituency in Telangana, is the chairman of the trust.

While he had won the 2014 polls on Telugu Desam Party (TDP) ticket, he joined the Telangana Rashtra Samiti (TRS) in February this year.

In a statement, the I-T Department said that they have now filed a complaint in the JMFC Court in Raichur on charges of wilful attempt to evade tax and interest and for making false statements under Sections 276C (2) and 277 of the Income Tax Act.

While the assessee has filed an anticipatory bail application before the Principal District Court, Raichur, the JMFC court is scheduled to hear the IT petition on January 5, 2017.