50 Wealthy Indians To Face Tax Scrutiny For Buying Nirav Modi Jewellery
NEW DELHI:The Income Tax Department has decided to re-assess the tax returns of over 50 high net-worth individuals who purchased costly jewellery from firms owned by absconding diamantaire Nirav Modi, official sources said.
They said the taxman decided to initiate the step after a number of people, it sent notices asking them to explain the source of income for purchase of the jewellery, denied any cash payment made by them to Nirav Modi's firms.
Officials said the department has gathered documents that indicate that these select buyers of high-end jewellery had split the total payment for diamond jewellery, by paying a part through cheque or card (debit/credit) and the rest in cash.
In reply to the tax notices, most of the people said that they did not make any cash payment, but this version does not corroborate with the data obtained by the IT Department vis-a-vis the sales made by the firms of Nirav Modi.
It has been found from the company books that payments were received after splitting them into cash and cheque/card transactions, officials said, hence it is essential to re-assess the income tax returns (ITRs) of these over 50 people beginning from the 2014-15 assessment year.
They said if discrepancies of concealed cash payments are found, which in some cases may be in several lakhs, the HNIs will be charged for tax evasion and subsequent action will be initiated.
Some more cases of this nature are under preliminary probe, the officials said.
The department had recently conducted searches on the premises of a Rewari-based hospital group, related to the family of Swaraj India leader Yogendra Yadav, after it was found that the owners of the firm allegedly made a part-cash and cheque payment against purchase of jewellery from a Nirav Modi firm.
The tax department has already filed a charge sheet against Nirav Modi and others before a Mumbai court for alleged tax evasion.
Nirav Modi and his uncle Mehul Choksi are also being investigated by the Enforcement Directorate and the CBI after it was detected that they allegedly cheated Punjab National Bank of more than Rs. 13,400 crore with the purported involvement of a few of its employees.
The scam, which reportedly began in 2011, was detected in January this year, after which PNB officials reported it to the probe agencies.
Two criminal complaints were filed by the ED in these instances after taking cognisance of CBI FIRs.
courtesy : ndtv.com
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Shah Rukh Khan Announces 'King' as a Pan-World Project, Credits Indian Fans for His Global Success
Mumbai: Bollywood superstar Shah Rukh Khan has revealed that his next film, King, is designed as a "pan-world" project, highlighting the expanding reach of Indian cinema on the global stage. The announcement came during a fan event in the city on his birthday days agi, where Khan expressed deep appreciation for his Indian fans, crediting them for his international success.
At the event, Khan responded to a question from an American fan, who praised him as a “pan-world superstar,” following the success of his recent films, Pathaan and Jawan. Khan shared his pride into representing India globally, saying, "I’m taking India to places I once thought were impossible." He highlighted how Indian audiences have supported him throughout his career, allowing him to make a mark worldwide. “The subcontinent has taken me to places I thought were impossible for me,” he added.
Khan also discussed his commitment to creating original, high-quality stories that resonate globally. "Language is no longer a barrier," he remarked, emphasising that Indian cinema is gaining international appeal as it reaches wider audiences. "We need to write stories that touch hearts while maintaining quality," he noted, adding that he hopes to play a role in furthering this trend.
The choice to title King in English was intentional, aimed at connecting with global viewers. “I now title my films in English so that people in America know what it means,” he said with a smile, concluding, "Take a message back home from India: 'The King is coming'."
Directed by Sujoy Ghosh, King is set to release in mid-2026, featuring Khan alongside his daughter Suhana Khan and actor Abhishek Bachchan.
