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IT probe on Rs 380 crore deposits by two parties from Tamil Nadu and Andhra Pradesh

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The Income Tax department is probing deposits to the tune of Rs 380 crore, not disclosed in tax returns, by two regional south-based political parties in cooperative banks and is likely to soon issue notices, ET has learnt.

The deposits in question were made in the financial year 2020-2021 or the assessment year 2022.

“Some irregularities have been found in deposits parked in cooperative banks by two regional political parties. These are being looked into,” a senior official told ET. The department is also looking into deposits made in the earlier years by these two parties, which have presence in the states of Tamil Nadu and Andhra Pradesh.

One of the parties based in Tamil Nadu used accounts of two of its members to park funds in these banks. “These members were questioned last month but have not yet provided any explanation for the unaccounted and sudden deposits,” the official added. “This looks like the tip of the iceberg…..We are keeping close tabs on large cash deposits in other accounts connected to other members of the party,” the official said, refusing to divulge further details as the investigation was still on. The official said the second party had used dummy political parties to park funds and undertook multiple transactions that could not be explained. The Enforcement Directorate is already investigating five accounts into cooperative society in the name of CPI(M) to purchase land for party office and to collect party fund, levy. “The department is keeping an eye on the use of black money in view of the elections,” the official said.

On February 29, ET had reported that the Financial Intelligence Unit (FIU) is analysing deposits into cooperative banks ahead of the election to prevent the use of black money. The agency had identified 12 cooperative banks for failure to report such transactions during the recently-held assembly elections in five states, the paper had reported.

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