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Biggest Cash seizure by Income Tax department from a temple !

Rs 10 crore from the Adiparasakthi temple in Melmaravathur was seized by The Income Tax department, in its first biggest seizure of unaccounted cash in Tamil Nadu, on Friday .The raid on the premises under Section 132 of the Income Tax Act was based on information regarding the stocking up of a large amount of black money in the temple run by self-proclaimed godman Bangaru Adigal. The cash was seized from his house on the temple premises, an official said.

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Why BCCI slapped with huge demand of tax ?

A a Rs 118-crore demand for assessemnt year 2007-08 was raised on BCCI , out of which department has already recovered Rs 92 crore. The reason for such demands on BCCI , which until sometime ago was claiming all its income exempt u/s 11 of the I T Act , is that from 2007-08 , the status of the BCCI in eyes of department has changed on account of variataion in objectives set out by it.

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