Income Tax department attaches 36 assets of Sreevalsam Group under benami law

THIRUVANANTHAPURAM: The Income Tax Department on Wednesday temporarily attached 36 assets of Sreevalsam Group which is facing investigation in the tax evasion case.

The assets of the Sreevalsam Group coming under eight sub-registrar offices in Kerala and in Bengaluru have been temporarily attached.

They are in the name of former Nagaland police officer and Sreevalsam Group owner MKR Pillai, his wife Valsala and their children Arun Raj and Varun Raj.

The Modi government had amended Section 132 (9B) of the Income Tax Act last year to crack down on tax evaders, especially benami properties and deals.

The present action is the first case in Kerala as per the new law that envisages the attachment of the assets of those persons who do not pay income tax.

During the investigation, the income tax officials had found that MKR Pillai transferred crores of rupees to Kerala through benami transactions while serving in Nagaland.

The IT department had asked Pillai to pay Rs 288 crore as tax and fine. But he failed to do so. Accordingly, the officials have initiated the attachment of properties of Pillai and his family members.

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