Tag Archives: Income Tax department

India

Finance Ministry will discuss glitches in e-filing portal of IT dept with Infosys on 22 June

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Newsroom24x7 Network

New Delhi: Senior Union Finance Ministry officials will hold a meeting with Infosys (the vendor and its team) on issues and glitches in the recently launched e-filing portal of the Income Tax Department on 22 June.

The new portal has been fraught with several technical glitches/issues leading to taxpayer inconvenience.

Stakeholders including members from ICAI, auditors, consultants and taxpayers will also be a part of the interaction with Infosys.

Written representations on the problems and difficulties faced in the portal have also been invited from the stakeholders.

Representatives from Infosys team will be present to answer queries, clarify issues and receive inputs on the working of the portal, to remove glitches and sort out issues faced by the taxpayers.

Corruption, States

Income Tax Department targets It SEZ developer, prominent stainless-steel supplier; conducts raids in Tamil Nadu

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Newsroom24x7 Network

New Delhi/Chennai: The Income Tax Department conducted searches on Friday 27 November 2020 in the case of an IT SEZ developer, its ex-Director and a prominent stainless-steel supplier in Chennai. The search operation was carried out at 16 premises located in Chennai, Mumbai, Hyderabad and Cuddalore.

The evidences unearthed include unaccounted assets worth about Rs. 100 crore accumulated by the ex-Director and his family members in the past 3 years. The search further unearthed that the IT SEZ developer claimed bogus work-in-progress expenses of about Rs. 160 crore in an under-construction project. The entity had also claimed capital expenses of around Rs. 30 crore on account of bogus consultancy fees in an operational project and inadmissible interest expenses to the extent of Rs. 20 crore was also claimed by the entity.

The search further revealed certain share purchase transactions relating to the IT SEZ developer. The shares of this entity were sold by its erstwhile shareholders, a resident and a non-resident entity, which routed its investment through a Mauritius intermediary, for about Rs. 2300 crore in FY 2017-18 but capital gains out of this sale transaction were not disclosed to the department.

Investigation is in progress to determine the undisclosed capital gains in the hands of both the shareholders. Other land transactions involving cash payments and an issue relating to Compulsory Convertible Debentures are also under examination

The evidences found in the premises of the Stainless-steel supplier revealed that the supplier group has been conducting three sets of sales: accounted; unaccounted and partly-accounted. The unaccounted and partly-accounted sales amount to more than 25% of the total sales each year. Further, the assessee group has provided sales accommodation bills to various customers and received commission of more than 10% on these transactions. While the quantification of unaccounted income is being carried out currently, it is estimated to be around Rs. 100 crore. The related concerns of the assessee group are involved in financing, money lending and real estate development. The unaccounted transactions conducted by these entities and the unaccounted capital/loan infusion in these entities are estimated to be around Rs.50 crore.

The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 450 crore.

Corruption, Politics

Income Tax Department raids properties of Kamal Nath’s close aides and nephew

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Newsroom24x7 Network

New Delhi/Bhopal: Income Tax department sleuths early this morning launched a massive search and seizure operation covering houses and properties belonging to Madhya Pradesh Chief Minister Kamal Nath’s close aides Praveen Kakkar and RK Miglani and his nephew Ratul Puri at different places across the country.

Till this afternoon, unconfirmed reports said that about Rs 9 crore have been seized in today’s raids.

According to Income Tax department sources, their ongoing search and seizure operation in Delhi, Bhopal, Indore and Goa, is linked to certain alleged illegal transactions. Last week, Ratul Puri had denied allegations of kickbacks received in the Agusta deal.

A team of more than a dozen Income Tax officers landed at former Police officer Praveen Kakkar’s house in Bhopal at about 3 am and another premise linked to a family business at Vijanagar in Indore.

Miglani, who along with Kakkar had been appointed as Officer on Special Duty (OSD) to the Madhya Pradesh Chief Minister, had quit his posts after the announcement of the general election to the Lok Sabha.

India

Income Tax defaulters: They have to pay 1000s of million Rupees in taxes but are not traceable

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Newsroom24x7 Staff

New Delhi: There are at least a hundred Income Tax defaulters in the country with their tax liability running into tens of million to hundreds and thousands of million Rupees and most of these defaulters are untraceable, according to the Income Tax Department.
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The biggest Income Tax defaulter is late Uday M Acharya with whopping tax arrears of Rs. 7790.4 million

His legal heirs are Amul Acharya (Son) and Bhavana Acharya( wife). The Income Tax department has reached a dead end when it comes to tax recovery in his case and has noted on his file that there are no assets or assets are inadequate for recovery of tax. Acharya’s tax arrears relate to assessment years 1997-98, 1998-99, 1999-00, 2000-01, 2006-07, 2007-08, and 2008-09. His last known address was E/02, Zarana Enclave Aasha Nagar, W E Hhighway, Borivali(E), Mumbai-400066.

Patheja Brothers, Forgings and Auto Parts manufacturing Company Limited, located at 20, MIDC Bhosarui, Pune (last known address) have Rs. 2240.5 million as accumulated Income Tax dues.

Tax arrears in this case have piled up for Assessment Years 1994-95, 1995-96, 1996-97, 1997-98, and 1998-99.

The Board of Management of this company included:

  1. Man Singh Patheja, CMD
  2. M. Sudhendranath: Nominee Director
  3. C. L. Ghalsari: Nominee Director
  4. G. S. Patheja: Director
  5. N. C. Shahane: Director
  6. P. S. Patheja: Director
  7. V. S. Patheja: Joint Managing Directeor

The Income Tax department records say that that this Assessee is not traceable.

Royal Fabrics Private Limited, whose Director Zakki Abdul Hassan, resident of 17-3-516, Shoukat Mansion, Yakutpura, Hyderabad owes Rs. 1589.4 million as tax arrears for the Assessment Years 2001-02, 2002-03, 2003-04, and 2004-05. Even this Assessee is not traceable as per IT department records.
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Anothre Assessee Irfan Ahmed, C/O Irfan Ahmad & Brothers, resident of 177/62, Gwaynne Road, Aminabad, Lucknow has to pay a tax arrear of Rs. 2574.4 million for Assessment Years 2005-06, 2006-07, 2007-08, 2008-09, and 2009-10. Even he is not traceable.