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
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AIITA welcomes Karnataka’s ban on obscene songs in school events
Bhatkal: The Karnataka unit of the All India Ideal Teachers Association (AIITA) has welcomed the Karnataka government’s decision to strictly ban school children from dancing to obscene songs during educational and cultural programmes in government, aided, and private schools across the state.
AIITA Karnataka State President M. R. Manvi congratulated the government for taking what he termed an important step to preserve the sanctity of education.
“Such decisions to safeguard the dignity of school children and uphold the values of education are the need of the hour. This rule should not be limited to government schools alone but must be strictly implemented in all private educational institutions as well,” he said.
He further urged the government to address other concerns within school programmes.
“The government should not only prohibit obscene dances in the name of school anniversaries, but also ensure that plays and dialogues that incite religious hatred are avoided. Schools should be centres of harmony, not platforms for spreading hatred,” he added.
According to a recent circular issued by the Department of School Education and Literacy, obscene dances are adversely affecting the mental health and moral values of students.
In this regard, schools have been advised to use songs that promote nationalism, positive thinking, the greatness of Kannada culture, and value-based traditions instead of inappropriate content during programmes.
The circular also emphasises that students should be dressed in decent attire.
AIITA also backed the department’s warning that disciplinary action would be taken against head teachers if such guidelines are violated. The association has further demanded that district Deputy Directors of Public Instruction strictly monitor the implementation of these rules.
