I-T dept to seize minister’s assets worth Rs 75 cr

More trouble is in store for Water Resources Minister D K Shivakumar as the Income Tax Department is in the process of confiscating benami properties estimated to be worth Rs 75 crore.

During the raids on the minister, unaccounted wealth to the tune of Rs 429.32 crore has also been detected. Addressing a press meet, Balakrishna B R, principal chief commissioner of Income Tax and director general (Investigation), Karnataka and Goa region, said that prosecution of the “Cabinet minister in Karnataka government” would be launched soon.

“There is clear evidence that the land was purchased in someone else’s name. I-T department will confiscate the property after which various tribunals set up for the purpose will adjudicate the matter,” he said. However, the prosecution is yet to begin, he said. Sources also added that the attached benami property was registered in the name of Shivakumar’s mother and included a plot of land and a building.

To a question on the seizure made from a RDPR engineer, he said that a total of 1.57 cr has been recovered.

Balakrishna said that the money seized was to be used during the elections and investigation was under progress.

Tax evasion

Revealing details of tax evasion cases, he said that the Investigation Directorate has uncovered Rs 12,268 crore of concealed taxes, of which Rs 5,339 crore concealment was admitted by the taxpayer.

In the current year till the end of February, the directorate has conducted 144 searches resulting in the admission of undisclosed income of Rs 4,711 cr and detection of undisclosed income of Rs 7,098 crore, he added.