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.
Defamation complaint: You cannot be touchy in politics, says SC
New Delhi (PTI): You cannot be "touchy" in politics, the Supreme Court observed while hearing Union Minister of State for Information and Broadcasting L Murugan's plea relating to a criminal defamation proceeding initiated against him.
Murugan approached the apex court last year, challenging a September 5, 2023, Madras High Court order in which it had refused to quash the proceeding against him on a complaint filed by Chennai-based Murasoli Trust for his alleged defamatory statements during a December 2020 press conference.
While agreeing to hear his petition on September 27 last year, the top court stayed the proceeding against Murugan that was pending in a special court in Chennai.
The apex court had also sought the Trust's response on his plea challenging the high court order.
When the matter came up for hearing before a bench of Justice BR Gavai and Justice KV Viswanathan on Friday, the counsel appearing for Murugan said, "Where is the question of defamation in this case?"
The lawyer appearing for the Trust sought an adjournment in the matter.
"You cannot be touchy in politics," the bench observed.
"Put up after four weeks at the request of the counsel for the respondent," the apex court said.
Murugan had earlier approached the high court, challenging the proceeding initiated against him.
The high court had noted in its order that according to the Trust, Murugan made the statements "with an ulterior motive to degrade and tarnish the reputation of the Murasoli Trust in the eyes of the general public".
"While dealing with the quash petition, this court cannot go into the merits of the case or the disputed questions of fact. This court has to merely go by what is alleged in the complaint and prima facie find out as to whether the offence is made out," the high court had said.
"In an offence of defamation, the statements have to be tested only from the point of view of a common prudent man, who comes across the defamatory statements made," it had said.
While dismissing the petition, the high court had directed the trial court to dispose of the case within three months.
"It is left open to the petitioner (Murugan) to raise all the grounds before the trial court and the same will be considered on its own merits and in accordance with law," it had said.
