The income tax department has arrested a shopkeeper for allegedly evading capital gain tax to the tune of around Rs 64 lakh accrued on sale of a property in Chhattisgarh's Raigarh district, an official said today
The man, Ratan Lal Verma (63), was arrested last evening after he refused to pay capital gain tax along with interest of Rs 63.85 lakh pending since 2010-11, Tax Recovery Officer (Bilaspur range) Pavan Singh Thakur said.
In Janaury 2010, Verma, who runs a photo studio here, had sold his 3.5 acres of land to Om Sai Builders and Developers at a cost of Rs 1.36 crore.
He had deposited Rs 38 lakh through cheque and Rs 98 lakh in cash in his two bank accounts. He did not pay any taxes on the amount received after the land sale, said Thakur.
Verma was served notices by the I-T department several times since 2016 seeking his response but he refused to comply with the order, Thakur said.
He was served another notice recently asking him why he should not be arrested under the provisions of the Income Tax Act, 1961. Verma, in his written reply, declined to pay taxes following which he was arrested, the officer said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
