BENGALURU: Inspections carried out by the income tax (I-T) department over the past eight months has revealed that 14 cooperative banks in the state – including a district central cooperative (DCC) bank - were in possession of undisclosed sums of money, which cumulatively amount to Rs 7,636 crore.I-T director, intelligence and criminal investigation, R Ravichandran on Wednesday said, “Of the 285 cooperative banks in Karnataka, 80 have not filed their annual returns. Neither have they informed us about deposits that hold more than Rs 10 lakh, as mandated by the I-T department.”The I-T department started inspecting 14 banks since April. “The banks had not disclosed as many as 59,373 deposits, each of which had more than Rs 10 lakh, including 2,000 accounts that we found in the two inspections we carried out after demonetisation was announced. The total amount in these 2,000 accounts alone came up to Rs 1,600 crore,” Ravichandran added.Besides notices being issued to the banks to disclose the details of such accounts, Ravichandran said that notices had also been sent to those depositors, who had saved more than Rs 50 lakh in the accounts. “In the wake of 2,300 notices being issued, 800 depositors in cooperative banks came forward to declare their income. They paid their taxes, and penalty, if any. We have written to the Reserve Bank of India (RBI) seeking permission to initiate action against these 14 banks,” Ravichandran said.He further pointed out that these banks were hindering the I-T department in its efforts of recovering undisclosed money. “Some of the banks have not filed their annual returns for six to eight years,” Ravichandran said.Principal chief commissioner for I-T, Karnataka and Goa, Nutan Wodeyar said that the total amount of money that had been seized since April came up to Rs 116.40 crore in cash and bullion (gold, silver and other metal bars).Electric bill, property tax payment under I-T scannerThe I-T department said that payments made towards electric bills, property taxes after November 8, would be thoroughly scrutinized. Deposits in post offices too would come under the scanner.“We are keeping an eye on huge deposits being made in the state. It could be in banks, other financial institutions or other agencies such as electric supply companies, which come under our jurisdiction,” Ravichandran said.