Now, YSRC produces ‘I-T dept inventory’- The New Indian Express

Now, YSRC produces ‘I-T dept inventory’- The New Indian Express

By Express News Service

VIJAYAWADA:  A day after a copy of a panchanama (inventory) reportedly obtained by the TDP from the Income Tax (I-T) department disclosed that only Rs 2.63 lakh was obtained from the houses of P Srinivas, the former personal secretary of TDP supremo N Chandrababu Naidu, a copy of another inventory of the I-T raids came to light on Monday.

It was an inventory of the searches conducted on the properties of TDP Kadapa district president R Srinivasulu Reddy, who owns RK Infra Corporation Private Limited, in Kadapa and Hyderabad. The copy, allegedly obtained from the I-T department by the YSRC, disclosed that several key documents — besides cash worth Rs 2.12 lakh, jewellery worth Rs 5.43 lakh, and a bank locker key — were seized.

Displaying the inventory, YSRC leaders alleged that the one shown by the TDP was not complete. The 13-page document produced by the YSRC bore signatures of witnesses to the I-T searches on February 6, 7 and 8 in houses at Kadapa and Hyderabad. 

Only the tip of the iceberg, reiterates YSRC on I-T raid

Four registers, four notebooks, two dairies, a bunch of loose papers and a mobile phone were seized, it said. The document also mentioned that the cash found was returned along with the jewellery.
In its press release on February 13, the I-T department said searches were conducted in three prominent infrastructure companies. Though RK Infra was not named, raids were carried out on its properties and those of its owners.

The release mentioned that several incriminating documents and loose papers were found and seized. Emails, WhatsApp messages and unexplained foreign transactions as well were detected.
Pointing this out, YSRC leaders reiterated their stance, saying the I-T department’s findings were only the tip of the iceberg and more evidence of corruption would emerge if an in-depth inquiry is carried out. “How can they (TDP leaders) show a single paper and say the I-T raids were not linked to them? As clearly mentioned by the I-T department, all the raids from February 6, at 40 different locations, are interlinked,” a senior YSRC leader said.

Sources said the I-T department will determine the income and tax liability based on the material seized. Once assessed, apart from tax and interest, penalties will be levied. As for the suspected foreign transactions, the I-T department will share their information with the Enforcement Directorate (ED), which will conduct an inquiry. If money was laundered, the offenders would face up to five years in prison and a penalty of three times the amount involved.As the I-T department press release did not rule out the scope of Benami transactions, sources said that angle might be probed, and if proved, the properties or transactions involved will be confiscated. 

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