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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Puducherry (PTI): Puducherry experienced heavy rains on Saturday morning prompting the union territory administration to send SMS alerts to around 12 lakh residents cautioning them to remain vigilant as cyclonic storm Fengal is expected to make landfall near here later in the day.
District Collector A Kulothungan told PTI that all necessary steps have been taken to ensure that people remained safe.
"We have evacuated people from low lying areas and shelter homes are ready to accommodate them. Arrangements were also made to supply food packets," he said adding that National Disaster Relief Force from Arakonam has arrived to engage in relief and rehabilitation works.
According to the official, cyclone Fengal was expected to cross the coast in the evening. Control rooms have been opened in the collectorate and also in the line departments.
Toll free numbers 112, 1077 and also WhatsApp number 94889 81070 have been put in place to help people facing crisis to contact for help.
Cyclone Fengal is likely to cross between Karaikal and Mahabalipuram coasts close to Puducherry, official sources said. The government has advised people to stay indoors.
The entire stretch of beach road and also several tourist spots were closed to ensure that there was no movement of the people near the sea shore.
Schools and colleges remained closed today.
