Co-op Banks’ transactions under IT lens

IT has done hundreds of surveys on organizations and business entities including cooperative banks and found three lakh unreported transactions in the financial year 2017-18, reports Afternoon Voice.

All these organizations are expected to report ‘High value transaction’ under section 285BA of the Income-tax Act, 1961 to the Directorate of Intelligence and Criminal Investigation Department of Income tax.

According to the IT report, the value of suspicious transactions found is Rs 1.03 lakh crore compared to Rs. 16240 crore in 2016-17.

IT sources claim action has been taken against the erring entities under section 277 and 277A of the IT Act, 1961.

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