After a taxi driver who had a deposit of Rs 7 crore in his bank account, the Income Tax department has now stumbled upon another poor-rich man with a bank deposit of whipping Rs 17 crore.
Both the cases have come to light in city of Hyderabad.
In the latest case the man, whose identity was not revealed by the authorities was being questioned to trace the source of his riches.
According to the IT authorities the account in a public sector bank was opened in his name in September and an amount of Rs 3 crore was deposited through wire transfer and later withdrawn in the same manner.
After the announcement of demonetisation on November 8 last huge deposits of Rs 14 crore were made in the account in old currency notes of Rs 500 and Rs 1,000 denomination.
Authorities suspect that the man who belonged to the below poverty line category was used by one or more people to convert their unaccounted cash into white money.
This has come at a time when the IT authorities have asked the “crorepati” taxi driver to cough up tax of Rs 3.75 crore and deposit Rs 1.75 crore as RBI bond against the deposit of Rs 7 crore in his account.
The notice was issued as he had failed to keep his word that he will pay 50% tax under the newly announced scheme of the Central Government. He had sought a week’s time but did not pay the amount.
The IT investigations so far revealed that after the money was deposited in the account he purchased gold at a price of Rs 40,000 per ten grams against the market price of Rs 30,000. On the whole he bought Rs 4.9 crore worth gold for Rs 7 crore and when tried to sell it could get low price.
Now the taxi driver who claims the real owner of the money was pleading with the IT officials that the tax should be on Rs 4 crore and not on Rs 7 crore as the value of his wealth has come down. But IT officials were not In a mood to oblige him.