AGARTALA, September 14 (TIWN): The Tripura Industrial Development Corporation Limited (TIDC) suffered a massive loss of Rs. 85 lakhs in revenue and interest in the last financial year. The loss was incurred due to improper investments of funds, a highly placed source in the Department of Industries and Commerce said.The source pointed out that the latest report of the Comptroller and Auditor General (CAG) agreed with the idea. The report was found to have said that failure of the TIDC to incorporate an appropriate
clause in lease agreements for recovery of lease premium and rent at revised rates had resulted in loss of revenue of Rs. 62.20 lakhs.

The report further said that the Corporation suffered an avoidable interest loss of Rs. 22.98 lakhs due to improper investment of funds in absence of a scientific method for investment planning.
The source in the Department of Industries and Commerce, however, said that the improper investment was deliberate as certain stakeholders were made to gain more profit by investing funds in areas that were known to be sick.
“They made the investments in certain sectors which they knew wouldn’t give returns. Nobody knows what favour was given to the government or any of its functionaries for this”, the source said.
On a different context, a source in the Revenue Department said that dealers concealed turnovers, provided incorrect application of rates and didn’t submit audited balance sheets which ‘escaped notice of the assessing authorities’.
The report of the CAG seconded the report and said that the practice of overlooking faults in applications and balance sheets resulted in a short levy of sales tax or VAT of Rs. 60.30 lakhs, leviable interest
of Rs. 51.16 lakhs, penalty of Rs. 38.12 lakhs and additional sales tax of Rs. 1.8 lakhs.