Congress Rajya Sabha member Dhiraj Sahu, who was in the news following a Rs 350 crore cash recovery from his premises, has revised his income tax returns and paid taxes for Rs 150 crore, according to sources.
He contended that a portion of the recovered cash pertained to business transactions in the current financial year, necessitating filing in the next fiscal year.
Of the total cash recovered, Rs 50 crore remains unexplained, leading to anticipated penalties and taxes, sources told ANI.
According to sources, Sahu attributed this cash to business turnover, leaving the resolution for the upcoming return filings in July. The revision of returns is permissible to rectify errors or omissions under income tax rules.
The businessman-turned-politician has argued that some of the cash recovered related to business conducted during the current financial year, for which returns are to be filed only in the next financial year.
On the remaining amount, Rs 50 crore remains unexplained on which the Income Tax department will levy penalty and tax, sources said.
“They have been unable to explain anything about the Rs 50 cr from the overall cash pile and will have to pay tax and penalty. We will see the returns for when they are filed in July,” one of the sources said.
Revision of returns is allowed under the income tax rules to correct mistakes or any details left out in the original tax return.
The Congress MP has been in the news since December last year after the Income Tax department seized Rs 351.8 crore in cash during raids on the premises linked to Odisha-based Boudh Distillery Pvt Ltd, promoted by his family.
Earlier, the Enforcement Directorate interrogated Dhiraj Prasad Sahu, for about 11 hours in connection with a money laundering case linked to an alleged land fraud case.