The Income Tax department have conducted raids on the houses and offices of the Hyderabad-based realtor , who disclosed Rs.9800 crores Black money under Income Declaration Scheme.
Income Tax officials conducted raids houses and offices of Laxman Rao at RTC crossroads, Ramanthapur and Film Nagar in Hyderabad.
The shocking part is that IT officials found just over a Lakh of Rupees in his bank account and his companies turnover was 5 crores . However, he was being appointed as a director in four companies in 12 days. He founded BLR constructions in 2008. Laxman Rao declared Rs 9800 Cr under IDS but failed to pay Rs 1100 Cr by Nov 30.
IT official came to a conclusion that Laxman Rao might be Benami of hundreds of people and they all exchanged new money already.
IDS was announced in the Budget under which declaration of undisclosed income or assets could be made by agreeing to pay 45 percent of the declared amount as the tax, surcharge , and penalty.