 "Use rolling returns to select consistent tax-saving funds")
Two major civil contractors of Bengaluru, who undertake state government civil contract works from irrigation and other departments, were alleged to have engaged in massive inflation of expenses and investment of unaccounted income in the purchase of immovable properties.
Discreet enquiries by the Income Tax (I-T) department revealed that they were helping in the conversion of unaccounted cash in the old Rs 500 and 1,000 notes held by other persons after the note ban on November 8.
A search by the department revealed that money was transferred to related entities through the banking system and subsequently received back in cash.
