The CBI has arrested an Additional Commissioner of Income Tax posted at Chennai while accepting 50 lakh rupees bribe. Managing Director of Chennai based Private Educational Firm and a person have also been arrested for their involvement in the bribery.A CBI spokesperson said in New Delhi that the Additional Commissioner organised search in the premises of the educational firm. During the search, it was found that the Managing Director of the firm has concealed taxable income of 116 crore rupees. The spokesperson said that Additional Commissioner organised negotiation with the Managing Director through a Chartered Accountant to settle the case in lieu of 50 lakh rupee as bribe. The investigation agency conducted searches in Mumbai, Hyderabad, Chennai and Bangalore that resulted in seizure of 1.8 kilogrammes of gold jewelley from the residence of the Additional Commissioner besides the 50 lakh rupees.