THIRUVANANTHAPURAM: A 15-member team from the Income Tax (I-T) Department carried out an inspection at the Kerala Infrastructure Investment Fund Board (KIIFB) headquarters on Thursday, in connection with the institution’s alleged violation of the Foreign Exchange Management Act (FEMA). Terming the raid ‘hooliganism’, Finance Minister T M Thomas Isaac said the Centre was trying to tarnish KIIFB’s image with an eye on the assembly elections.
KIIFB officials handed over details of projects implemented over the past five years, funds allotted to various contractors and tax-related documents to the I-T team. The department had recently served a notice on KIIFB directing it to submit the said documents before March 25.
Lashing out at the I-T department soon after the incident, Isaac said the inspection was carried out because the state’s assembly elections were round the corner. “They had even informed the media in advance. This is hooliganism. KIIFB was willing to hand over all documents,” said Isaac. The search continued past Thursday midnight.