“The income profile of P Renukamma (Jayaram’s wife) is not commensurate with the sale consideration amount of Rs 52.42 lakh paid towards the purchase of the subject property,” it said.
The department further said enquiries in the case, and from the evidence gathered, it has been found that Gummanur Jayaram purchased the property in the name of his wife and the entire sale consideration was paid in cash.
“However, the income profile of Jayaram shows that he does not have declared sources of income to make the payment and it is very much evident that the payments have been made from the unaccounted income of Jayaram,” the Assistant Commissioner of Income Tax (Investigation) said.
Quoting media reports, he also pointed out that Jayaram “accepted beneficial ownership” of the property and that he had purchased the land from I Manjunath.
“In view of this, it is evident that the sale transaction is a benami transaction under Section 2(9)(A) of the PBPT Act. Going by the facts, and to rule out any possibility of selling the property or transferring it to a third person, an order has been passed to provisionally attach the land for 90 days,” the I-T official added.
The Labour Minister, however, denied it was a benami’ property. “I purchased it in the names of my wife and my brother’s wife,” the Minister claimed.
He told reporters in Kurnool that the land in question was lying barren for years as its owners were unable to cultivate it. “Hence, we purchased it,” Jayaram claimed.
