Chhatrapati Sambhajinagar:
“The Income Tax (IT) Department conducted raids at Vaijapur Merchant Cooperative Bank, on my residence and other establishments on November 6. I have fully cooperated with the Department in this proceeding. I provided all the information and documents required by them. During this investigation, the department has not found any irregularities and they have allowed the bank and other establishments to start operations and transactions,” said Ravindra Sancheti, industrialist and chairman of the bank.
Addressing a press conference on Saturday, Sancheti said that Vaijapur Co-operative Merchant Bank has deposits of nearly Rs 600 crore.
“Under the ATI (Adjustable Tax Income) scheme, construction of houses for the poor has been going on for the past few years. Under this scheme, the taxpayer gets some tax relief. Moreover, our agricultural income has also increased in the last few years,” he said.
He predicted the possibility that the IT Department had taken this action due to insufficient tax collection. He said that the IT Department would be replied through CA.