I-T department appeared to have malafide intentions of defaming BJP and Chief Minister Shivraj Singh Chouhan, he alleged.
Instead of making "selective leaks", the department must hold a press conference and give details of what it had found in the raids, Jha said.
"The Income Tax Department, under no circumstances, has the power to do something which amounts to maligning of the image of a person or of a political party," he said.
BJP would take legal action if it did not hold a press conference and give all the information, Jha said.
Jha also stated that BJP had never taken funds from the two businessmen.