For the first time in the last three years, the Mumbai division of the income-tax department has collected Rs 252 crore excess tax over its revised target, due to higher tax collections backed by robust economic conditions.
The Income-Tax demand on Kashinath Tapuria, a Kolkata-based businessman and brother of the late Priyamvada Birla, amounted to 20,000 crore.
The Enforcement Directorate has issued a look-out notice against stud farm owner Hasan Ali Khan, who is alleged to have stashed away about $8 billion (nearly Rs 3,60,000 crore) of slush money in a Switzerland bank.
Swiss bank UBS AG poured cold water on government agencies’ claims that they were probing an $8-billion black money case of Hasan Ali Khan by saying that the documents supporting the claim submitted by the authorities were forged.
Swiss bank UBS AG poured cold water on govt agencies’ claims that they were probing an $8-bn black money case of Hasan Ali Khan by saying that the documents supporting the claim submitted by the authorities were forged.
The Income-tax department seeks to raise about 1,100 crore from over 90 companies that have bought land and properties on lease from the MMRDA.
The government has received a number of proposals from experts on ways to bring back to India the wealth allegedly stashed away into banks in offshore destinations such as Switzerland, Mauritius, Liechtenstein, etc.
Swiss banks will hold back information on cash allegedly stashed there by Pune-based stud farm owner Hasan Ali Khan on a technical ground.
The Delhi High Court has recently upheld a tax tribunal's view that depreciation can be charged even on an intangible asset like goodwill, as it is a form of a commercial right and is used to carry out businesses effectively.
The income-tax departments, acting on the government's direction, were trying to find out if traders had formed a cartel to push up onion prices which touched 100 a kg in some states last week.
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