New Delhi: Days after a CNN-IBN and FirstPost.com investigation found that ganglord Dawood Ibrahim's cash was washing up in the offshore banking haven of Nassau in The Bahamas in a Bank of Baroda branch, the Central Board of Direct Taxes (CBDT) has approached the channel seeking details into the report and has sought a copy of the CD. On Saturday, Finance Minister P Chidambaram had assured that officials will look at the CD of the story and take action as required. Bank of Baroda, however, has denied any involvement in the alleged transfer of Dawood's funds.
Meanwhile, R Jagannathan, Editor, FirstPost.com, had said, "Bank of Baroda should be checked. What are they doing in Nassau? Are they serving an Indian community? They should do a full investigation of their clients. As of now, it is only a Know Your Customer (KYC) policy violation that happens regularly in India".
"In response to some of the news items appearing in TV channel regarding the purported transfer of funds through Bank of Baroda, Nassau Branch, Bahamas, it is clarified that Bank of Baroda, Nassau has been maintaining among others, the account of Dubai Exchange for last several years. It is a KYC Compliant account where transactions takes place in normal course of business to established banking channels," said the bank in its statement....
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06:15 PM, Apr 07, 2013
New Delhi: CNN-IBN has accessed details of one of the alleged shell companies that invested in BJP President Nitin Gadkari's Purti Group. Regency Equifin Pvt Ltd interestingly has Gadkari's accountant Kawdu Zade and other employees in Purti as directors. Also, records show that Regency Equifin both borrowed from and lent money to Gadkari. The company bought shares worth Rs 4 crore in Gadkari's Purti Group in 2008. The 2008-09 balance...
08:42 PM, Oct 25, 2012
New Delhi: Finance Minister P Chidambaram will review the direct tax collections and overall functioning of the Income Tax Department and the CBDT on Monday. The review, according to sources, is scheduled for October 8 and top officials of the CBDT, I-T and Finance Ministry will attend. In view of the review, the top brass and the staff of the Central Board of Direct Taxes (CBDT), the administrative body of...
03:39 AM, Oct 06, 2012
New Delhi: The CBDT on Thursday rejected the charge that it was harassing Yoga guru Ramdev against whom it has slapped a Rs 58 crore notice for alleged violation of tax exemption provisions given to his trust. "As far as allegation of harassment of Baba Ramdev has been made by you...I would like to say that the department has a very well laid out grievance redressal mechanism. "If the assessing...
03:24 AM, Sep 07, 2012
New Delhi: In yet another move to provide clarity on taxation issues, Prime Minister Manmohan Singh on Monday set up a committee to look into such matters pertaining to IT sector and research and development related activities. The panel, headed by former Central Board of Direct Taxes (CBDT) chairman N Rangachary, will be in addition to the one set up to review the General Anti-Avoidance Rules (GAAR) provisions to address...
01:03 PM, Jul 30, 2012
New Delhi: Top officials of Central Board of Direct Taxes (CBDT) on Wednesday briefed the Joint Parliamentary Committee (JPC) examining the 2G spectrum allocation scam. Sources said that the CBDT raised doubts over the source of funds of Kalaignar TV in the 2G payment case. The CBDT reportedly told the JPC that 18 Kolkata companies that paid Rs 52 crore to Kalaignar TV could be fictitious. It also said that...
05:52 PM, Jul 18, 2012
New Delhi: Government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where "foreign assets" are involved. The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva...
07:47 PM, Feb 20, 2012
New Delhi: The Central Board for Direct Taxes (CBDT) will investigate how information on the Income Tax department's raids on liquor baron Gurpreet Chadha alias Ponty Chadha was leaked earlier this month. The CBDT said that it was confirmed that 100 crore rupees were in Chadha's locker but when the I-T department reached there, only a Rs 100 note was found. The CBDT said that Chadha's daily income receipt is...
11:23 AM, Feb 16, 2012
New Delhi: In order to guard against possible leakage of names figuring in the secret bank accounts lists it has received from foreign shores, the CBDT has ordered the IT department to obtain a signed undertaking from any government entity or department who demands the data for their own probe. The Central Board of Direct Taxes (CBDT) fears that if these names are leaked and they are publicised, global financial...
12:30 PM, Jan 08, 2012
Chennai: Finance Minister Pranab Mukherjee on Friday held discussions on ways to step up revenue collection for 2011-12 with top officials of Central Board of Excise and Customs (CBEC) and Central Board of Direct Taxes (CBDT). The meeting discussed steps for augmentation for revenue in the remaining part of the financial year, an official release said. In his address, Mukherjee suggested that the officials focus on litigation in various appellate...
10:19 PM, Jan 06, 2012
New Delhi: The Income Tax Department will introduce a separate permanent account number(PAN)application form for non-residents in which NRIs, PIOs and entities having interest in India will have to provide additional information to the Central Board of Direct Taxes (CBDT). The new form - 49AA - will help the department gather information on non-Indian entities and individuals, like Persons of Indian Origin (PIOs), politically exposed persons (PEPs), persons linked to...
08:02 AM, Nov 01, 2011
New Delhi: Former Chief Justice of India KG Balakrishnan is in trouble after the Central Board of Direct Taxes (CBDT) decided to investigate charges of financial misconduct by him. If financial misconduct is proven then the matter will be forwarded to the President for sanction to prosecute Balakrishnan, who is currently the Chairman of National Human Rights Commission. The CBDT decided to investigate Balakrishnan's assets was after senior lawyer Prashant ...
06:04 PM, Jun 22, 2011
New Delhi: Former Chief Justice of India KG Balakrishnan is in trouble after the Central Board of Direct Taxes (CBDT) decided to investigate charges of financial misconduct by him. If financial misconduct is proven then the matter will be forwarded to the President for sanction to prosecute Balakrishnan, who is currently the Chairman of National Human Rights Commission. The CBDT decided to investigate Balakrishnan's assets was after senior lawyer Prashant...
06:04 PM, Jun 22, 2011
New Delhi: In the clash of the titans at North Block, Pranab Mukherjee has finally had his way - phone tapping for unearthing tax evaders - this despite objections from the Home Ministry and the Cabinet Secretariat. Post the Nira Radia phone taps by the income tax department, the Cabinet Secretariat had suggested the department be removed from the list of agencies that can tap phones. The reasoning being tax...
08:33 AM, Jun 01, 2011
New Delhi: The Central Board of Direct Taxes (CBDT) will continue to enjoy the power of telephone tapping despite a strong recommendation by a Committee of Secretaries against it following a controversy in the wake of the Niira Radia episode. "The CBDT will continue to have the power of phone tapping subject to certain Conditions," an official said. However, it is not immediately clear the conditions the CBDT will have...
11:27 AM, May 22, 2011
New Delhi: Phone tapping norms are set to become tougher. A committee led by Cabinet Secretary KM Chandrasekhar has said the Central Board Direct Taxes and the Income Tax Department should not be allowed to seek phone taps, sources have told CNN-IBN. The committee has also recommended that the the finance ministry must first clear requests by the Enforcement Directorate (ED) and the Directorate of Revenue Intelligence (DRI) for phone...
05:22 PM, Mar 03, 2011
New Delhi: Home Minister P Chidambaram on Tuesday said that the Central Board of Direct Taxes (CBDT) is inquiring into alleged leak of tapes of telephone conversations between corporate lobbyist Nira Radia and politicians, journalists and industrialists. "We have not ordered an inquiry.The CBDT is inquiring into the matter...It was the CBDT which had ordered the interceptions and it is looking into the alleged leakage of the tapes," he told...
04:18 PM, Nov 30, 2010
New Delhi: Union Government on Monday ordered an enquiry into the Nira Radia tapes. Intelligence Bureau and Central Board of Direct Taxes have been asked to find out who leaked the taped phone conversation of corporate lobbyist Radia with journalists, business leaders, politicians and bureaucrats. Sources have told CNN-IBN that Union Home Secretary GK Pillai wrote to Revenue Secretary Sunil Mitra to order an enquiry by CBDT into the leak....
05:02 PM, Nov 29, 2010
The Direct Taxes Code Bill is slated to be tabled in the forthcoming monsoon session of Parliament. ...
10:07 AM, Jun 19, 2010
