Click to play videoMumbai: The Income Tax Department on Friday imposed a huge penalty of Rs 40,000 crore on businessman Hasan Ali Khan, a 56-year-old alleged stud-farm owner and one of the main accused in the multi-million dollar tax evasion and money laundering case.
Hasan Ali on Friday presented himself before the Income Tax Department in Mumbai, after summon was issued to Hasan Ali by the Tax Department in connection with penalty proceedings after his assessment was complete by the Department.
He was summoned as a part of the proceedings to get his statement before calculating the quantum of penalty to be imposed on him, after the Tax Department scrutinised the financial records of past several years in order to unearth his involvement in the black money trail.
The Government, in an affidavit, had named Hasan Ali after the Income Tax Department had demanded Rs 40,000 crore as dues of income tax from him. According to the Government, he has stashed away millions of dollars of black money in UBS, Singapore through hawala channel.
Earlier, the Supreme Court had asked the Centre, the Reserve Bank of India and three other organisations to explain what they were doing to get black money stashed abroad.
The Supreme Court also issued notices to the Director of Enforcement, Board of Direct Taxes and the Securities Exchange Board of India (SEBI).
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