Keeping with the Union government’s income disclosure scheme which ends on September 30, income tax sleuths descended on the headquarters of the Madgaum Urban Co-operative Bank at Margao in Goa on Thursday, sending the bank’s employees and management into a tizzy, reports Times of India.
In an operation that was underway till late evening, the team of I-T investigators, sources said, sought details of high-value transactions made by customers during the last financial year from the bank officials.
Recently, I-T officials had visited the office of Quepem Urban Co-operative Credit Society at Quepem to conduct a similar operation. The move, it is learnt, is a pressure-building tactic used by I-T department to force suspected tax evaders into declaring undisclosed incomes within deadline.