Tax evasion: I-T conducts raids on unrecognised political parties in Gujarat and Maharashtra
The sources said that these parties have no much political activity and formed mainly for tax evasion
Income Tax (I-T) officials are carrying out raids at various locations in Gujarat and Maharashtra against 123 registered unrecognised political parties for tax evasion.
Around 250 I-T officials of Mumbai and Gujarat are involved in the raids which will continue for a couple of day.
Similar raids are continuing at other parts of the country also.
Two of such political parties are in Mumbai, one operates from a slum at Sion Koliwada and another from a small flat at Borivali.
The two parties had collected donations of Rs 150 crore in the last two years helping their associates (hawala operators) to evade tax and then returning them the money in cash.
The presidents of the two parties would get 0.01 % of the total amount rotated through their parties as commission.
The sources said that these parties have no much political activity and formed mainly for tax evasion.
The I-T recorded the statement of the presidents of the two Mumbai-based unrecognised political parties who said that they formed the parties on suggestion of Gujarat-based hawala operator, who handles entire finance of their party.
They also admitted that they had received a nominal amount as commission for offering their help to hawala operators.
