PATNA: A leading land developer and builder of the state capital has paid Rs 7.35 crore to the income tax (I-T) department as part-payment of the tax and penalty imposed on him.
Sources in the I-T department said the builder, who also runs a regional news channel, recently deposited Rs 7.35 crore as "additional tax" after the department raised a demand of Rs 175 crore as tax and consequent penalty on him following I-T raids on his different premises in July 2011. The raids yielded unaccounted wealth of several crores.
"The department expects the builder to deposit another instalment of an equal amount soon to avoid further action," an income tax officer told TOI on Friday.
The officer said the Enforcement Directorate (ED) has also registered an Enforcement Case Information Report (ECIR) against the real estate developer for his alleged involvement in a money laundering case. The ECIR, which is equivalent to an FIR, was registered on May 14 last under the Prevention of Money Laundering Act, 2002.
The builder has developed several residential and commercial complexes in and around the city. He also owns an Audi car worth Rs 1 crore and a luxury hotel on Exhibition Road besides a shopping mall in a prime location of the state capital. He has also invested in a private school at Ara in Bhojpur district, the officer disclosed.
The I-T department, soon after unearthing several crores of unaccounted wealth from the premises of the builder, had alerted ED about his financial activities. The ED registered an ECIR against the builder after keeping a watch on his financial transactions for some time, the officer said.