Source Credit: IANS
The I-T Authority, which just began an investigation on the allegations surrounding Sri Chaitanya Educational Institutions, continued for the second day yesterday.
The investigation began on 10 March continues in multiple areas including Telangana, Andhra Pradesh , Hyderabad, Vijayawada, New Delhi, Mumbai, Chennai, and Bangalore.
There were allegations that the Sri Chaitanya group maintains two software systems for the sake of tax evasion. Their assumption is that the group received part of the fees that were paid in cash by parents of the students which may not have been considered for income tax computation. A sizable amount of some Rs 5 crores has allegedly been seized in cash during the raids.
Officials are also examining fee payment systems of the school, along with income tax returns of the school's management for the last three years, in order to inspect improper fund diversion to unknown business items that were not properly accounted for. Besides, these I-T officials are verifying the student registrations to get a clue on whether cash payments have been shared without any receipts being issued.
Sri Chaitanya management has been asked questions about bank accounts, deposits, withdrawals, and expenditures, including details of payment-related bills with respect to transactions, such as NEFTs, RTGS, and cash, but documents are not available. Further interrogation is likely to be done.
In 1986, Mr. BS Rao and his wife Jhansi Lakshmi Bai commenced their journey. Sri Chaitanya has become a chain of 322 schools and junior colleges, serving both Telangana and Andhra Pradesh. This being the biggest coterie in the area, the chain is into teaching IT-JEE, NEET, and UPSC competitions.
