Bengaluru: Searches conducted by income tax sleuths of the Navodaya Education Trust, that runs the Raichur Institute of Medical College has unearthed Rs. 500 crore. The income Tax Department has now launched prosecution proceedings.The search operations that were conducted in December, 2015 also seized another Rs. 20 crore during the raids conducted.
S.R. Reddy, MLA for Telangana’s Narayanapeta constituency, is the Chairman of the Narvodaya Education Trust.
Having won in 2014 on the Telugu Desam Party (TDP) ticket,Mr. Reddy joined the Telangana Rashtra Samiti (TRS) in February, this year.
In a statement, the I-T Department revealed to have filed a complaint in the JMFC Court in Raichur, on charges of wilful attempt to evade tax and interest and for making false statements
An anticipatory bail application has been filed by the assessee before the Principal District Court, Raichur. The JMFC court is scheduled to hear the IT petition on January 5, 2017.