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Margadarsi chief appears before I-T
April, 01st 2008
The Chairman of the Eenadu Group of publications, Mr Ch. Ramoji Rao, today appeared before the officials of the Income Tax Department here.

The development is in response to the summons issued by the IT department to Mr Ramoji Rao in a case relating to violation of provisions of the Income-Tax Act by Margadarsi Financiers.

Margadarsi Financiers, an I-T official said, was summoned for alleged violation of Section 269 (SS) of the Income-Tax Act that prohibits mobilisation of deposits above Rs 20,000 in cash. Officials said Section 271 (D) of the Act would enable the department to levy penalties to the tune of 100 per cent once the violation was established.

Earlier in the month, the Managing Director of Margadarsi Financiers, Ms Sailaja Kiron, was also questioned on the matter.

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