Chaitanya Bharati Institute of Technology
Hyderabad: The Income-Tax department on Friday raided the Chaitanya Bharati Institute of Technology (CBIT) Society, suspecting tax evasion. The raid was conducted by the anti-evasion wing following specific inputs. The team inspected the financial statements of the college. No unaccounted cash was seized till late on Friday evening.
Sources in the Central Board of Direct Taxes confirmed the raid to this newspaper, “The staff inspected the invoices and questioned the society on financial transactions,” an officer said.
The college was in news recently for hiking the fee from `1.2 lakh to `2 lakh, leading to protests from the students. The CBIT Society is headed by Dr V. Malakonda Reddy and it is one of the premier engineering colleges in the self-financing category in the state.
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