Income Tax dept initiates probe against petrol pumps for converting black money

Income Tax department has launched a probe against petrol pumps for suspected conversion of unaccounted cash during demonetisation. Petrol pumps were allowed to accept old currency notes in payments towards refueling of vehicles after demonetisation.

They are under the scanner of the I-T department for suspected conversion of unaccounted cash, according to a report by a private news channel.

A survey by the income-tax department has revealed the widespread involvement of petrol pumps in the conversion of unaccounted cash, private news channel report said. The income tax department has found that cash deposits in demonetised currency by certain petrol pumps exceeded their sales by as much as 20%.

The department is probing if cash deposits were simulated as payments from bogus debtors. #casansaar (PTI)