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The CPM state secretary said IT officials used a wrongly entered PAN number leading to freezing of the party's account.
While India does not have an inheritance tax, the current heated election campaign went into a tizzy after technocrat Sam Pitroda voiced his support for such a tax during an interview.
The I-T department had raided the Thrissur branch of the public sector bank at M G Road.
The Congress on Sunday said it has received fresh notices from the Income Tax department, raising a tax demand of Rs 1,745 crore for the assessment years 2014-15 to 2016-17.
BJP looking to financially cripple the opposition ahead of the Lok Sabha polls, Congress said.
The dues include penalties and interest due to authorities for "discrepancies" in the use of an old PAN card by the party.
The party's bank accounts were frozen by the Income Tax Department due to the non-payment of dues.
The assessing officer had raised a tax demand of more than Rs 100 crore for the assessment year 2018-19 when the income was assessed to be more than Rs 199 crore.
Party leader Vivek Tankha, who appeared before the tribunal against the order, said the party was now allowed to operate its bank accounts.
According to Congress treasurer Ajay Maken, the action represents a severe setback for democratic processes in India.