Several cooperative banks in Uttarakhand are under scrutiny by the Income Tax Department for alleged discrepancies in reporting high-value financial transactions, according to a report by ETV Bharat.
Surveys and verification exercises were conducted at banks in Uttarkashi, Kotdwar and Kashipur, where officials reportedly detected irregularities in the submission of financial transaction data. Sources indicate that transactions amounting to hundreds of crores were either not reported or inaccurately disclosed over the past few years.
The probe, carried out under provisions of the Income Tax Act, focused on verifying Statements of Financial Transactions (SFT) filed by the banks. Authorities suspect that the discrepancies may stem from gaps in reporting systems or procedural lapses. Based on the findings, the department is expected to initiate penalty proceedings against the concerned banks.
A cooperative bank in Haridwar is also under the scanner, with similar discrepancies suspected.
However, the state’s Cooperation Department has denied any financial wrongdoing, clarifying that the exercise was limited to technical verification of data submitted on the Income Tax portal and should not be construed as evidence of irregularities.
