from The New Indian Express
Undisclosed details of investments post demonetisation by Small Scale Industries Minister Ramesh Jarkiholi and Karnataka State Mahila Congress President Laxmi Hebbalkar is said to be the reason behind the Income Tax (I-T) raids. Sources said the raids were conducted as the duo had not provided details about their investments worth crores, after demonetisation.
The I-T officials have continued their searches on the residences Jarkiholi at Gokak and Hebbalkar in Belagavi on Friday. Sources told Express that Ramesh and his younger brother businessman Lakhan posted an increase of 30 to 40 per cent more than regular turnover in their business after November 8.
Similarly, Laxmi and her relatives had no proper documentation on Laxmi’s proposed project of establishing a sugar factory at Savadatti taluk. Sources say Laxmi was investing over `100 crore to start the factory, for which she had not provided any details.
When contacted, I-T officials said details will be revealed only by Chief Commissioner of IT Department after the investigation is over.