Mumbai: The Maharashtra unit of the Nationalist Congress Party (NCP) has come under the scanner of the Income Tax department after it recently detected cash deposits of over Rs 34 crore in the party's account without depositor details like PAN card.
The I-T's investigation unit in Mumbai issued summons to the party to furnish documents and relevant details to it after the taxman detected the movement of funds in the NCP's account in the Bank of Maharashtra Nariman Point branch between April 1, 2013-April 21, 2014.
The inquiry, official sources said, has been made part of the Election Commission (EC) mandated expenditure protocols in view of the ongoing polls.
The I-T raised a query as none of the deposits prima facie reflect the Know Your Customer (KYC) details required for such cash deposits, like Permanent Account Number (PAN) or other banking details of the depositors, sources added.
The total cash deposits during the same period have been found to be at Rs 34.75 crore.
In its reply, NCP's Chartered Accountant firm in Mumbai -- U G Devi and Co -- said that the deposits "represent the collections made by the party from the various district and constituencies in Maharashtra by way of coupons which are in the denominations of Rs 1,000, Rs 500 and Rs 100."
Under current rules, political parties have to furnish vital details of depositors and donors like PAN, bank account number and addresses in case the cash amount is above Rs 20,000.
