Balakrishnan’s kin accumulated unaccounted wealth: Income Tax

February 26th, 2011 - 8:59 pm ICT by IANS  

Kochi, Feb 26 (IANS) Retired Chief Justice K.G. Balakrishnan’s family members are in possession of wealth disproportionate to their known sources of income, a top Income Tax official said here Saturday.Director general of Income Tax E.C. Lukose was addressing reporters here to inform about the procedures to be followed at the time of the forthcoming polls.

When asked about the ongoing investigation into the wealth of Balakrishnan and his family members, he said the investigation is in its final stages.

“It has come to light that the family members of Balakrishnan are in possession of wealth above their known sources of income. More investigations are also going on and are in the final stages,” Lukose said.

He, however, remained mum to a question if Balakrishnan is in possession of wealth beyond his known sources of income.

To another question on what are the likely steps that would be there now that the family members of Balakrishnan have been identified as possessing unaccounted wealth, Lukose said: “A penalty could be levied or prosecution proceedings can be there after more detailed investigations are done.”

Retd Justice V.R. Krishna Iyer launched a tirade against Balakrishnan at the end of last year following widespread amassment of wealth by the kith and kin of the latter.

Since then, time and again Iyer has lashed out at Balakrishnan and even asked him to break his silence, but it is yet to happen.

Following Iyer’s outbursts and on account of a complaint to Kerala Chief Minister V.S. Achuthanandan by a Kochi resident, the state government has begun a vigilance probe into the amassing of wealth by Balakrishnan’s son-in-law P.V. Srinijin, a Youth Congress leader who has quit the party after the allegations surfaced.

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