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IT Department Recovers Rs 32 Crore from VTU

The Income Tax (IT) Department has recovered Rs 32 crore from Visvesvaraya Technological University (VTU),

Published: 15th May 2014 08:19 AM  |   Last Updated: 15th May 2014 08:19 AM   |  A+A-

The Income Tax (IT) Department has recovered Rs 32 crore from Visvesvaraya Technological University (VTU), Belgaum, towards penalty which the University has to pay towards pending tax, late on Tuesday evening.

According to sources, a penalty of Rs 100 crore was imposed on VTU for allegedly evading taxes for seven years. The IT Department had issued many notices (on attaching its properties, if it fails to pay the penalty).

Questioning the action taken by the IT Department to recover pending tax of Rs 277 crore recently, the VTU had approached the Supreme Court. The SC directed VTU to pay 50 per cent of the penalty, which is Rs 50 crore. According to the officials, they have recovered Rs 32 crore towards penalty and the rest will be done soon.



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