Income Tax Department

I-T dept issues notices to ICICI, Axis, HDFC banks

New Delhi: Income Tax department has issued notices to three top private lenders in the country - ICICI Bank, Axis Bank and HDFC Bank - in connection with alleged money laundering charges levelled by online portal Cobrapost.

The department has asked these banks to produce documents for verification as part of its tax evasion probe. The notices have been issued under section 131 of the I-T Act (power regarding discovery, production of evidence) after going through two confidential reports submitted recently to the Department of Revenue by the RBI and the Financial Intelligence Unit (FIU), official sources said on Tuesday.

The aim of the department is to check suspected tax evasion by the banking institutions and possible loss of revenue by illegal acts done by authorised individuals, sources said.

Apart from production of "books of account, deposit logs and other documents" over a period of more than 12 months, the department has also asked the banks to submit the reports of their respective internal enquiries conducted in the aftermath of the Cobrapost sting operation, they said....more    

IPL spot-fixing: I-T begins probe in hawala transactions

New Delhi: In more trouble for the arrested cricketers and bookies in the IPL spot-fixing scandal, the Income Tax department has begun a probe into alleged hawala and illegal cash transactions and will question them. The I-T department has got in touch with the investigators of the Delhi police and initiated "tax evasion and suspected hawala dealings" related probe into the latest allegations of spot-fixing. The department, according to official...  

Infosys to challenge new tax demand of $ 105.3 million

Bangalore: Infosys Ltd, India's No 2 software services exporter, said on Monday it would challenge a $ 5.77 billion income tax demand raised by Indian authorities earlier this month. The demand relates to certain tax benefits on income from software development done overseas at the clients' location and revenue from special economic zones in India, Infosys said in a statement. It said the latest tax demand disregards a clarification by...  

I-T Dept slaps Rs 582 cr tax demand notice on Infosys

New Delhi: Income Tax department has slapped a fresh $ 106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India's second largest IT firm. The Bangalore-based software services exporter is already contesting additional income tax demands of $ 214 million (about Rs 1,175 crore) for four fiscals years beginning 2005 and said it will take legal recourse against the...  

Chidambaram to meet top I-T brass later in May

New Delhi: Finance Minister P Chidambaram will inaugurate a two-day conference of top Income Tax department and CBDT officers later this month in the national capital and discuss efforts to maximise revenue collection. The annual conference of Chief Commissioners and Directors General of the I-T department will be held on May 28 and 29. A host of challenges being faced by the department like illegal chit fund companies, ponzi schemes,...  

Balaji Telefilms tax case: Company to pay arrears

Mumbai: Balaji Telefilms on Friday agreed to pay arrears and a fine for not having paid their taxes, sources said. The Income Tax Department probe had found that the production house had defaulted on taxes up to Rs 30 crore. The I-T Department also finished questioning the company's promoters - actor Jitendra, Ektaa Kapoor and Tusshhar Kapoor. ...  

Former Jharkhand CM fails to produce bail documents

Ranchi: Former Jharkhand Chief Minister Madhu Koda, who got a three-week provisional bail from Jharkhand High Court, could not go home on Wednesday following his failure to produce bail documents to the jail authorities. "We don't have any document of his bail in any of the cases against him (Koda). He can only walk out after producing all bail-related documents," Jail Superintendent Dilip Pradhan told PTI in Ranchi. Koda was...  

I-T probes source of wedding extravaganza by NCP minister

The Income Tax officials have begun conducting inquiries and raids into a multi-crore wedding extravaganza organised by Maharashtra Nationalist Congress Party (NCP) minister Bhaskar Jadhav for this son and daughter last week in Ratnagiri. ...  

Judge refuses to hear Purti case involving Gadkari

The Bombay High Court judge who was handling the Purti case against former BJP president Nitin Gadkari has stepped down and refused to hear the matter anymore. The case will now be transferred to a new bench. ...  

I-T officers' body demands apology from Nitin Gadkari

Income Tax officers' body has demanded an apology from former Bharatiya Janata Party president Nitin Gadkari for his alleged threat to its officials claiming that the remarks aimed at hindering a fair and free into Purti Group investments. It also sought security for the officials handling the investigation. ...  

BJP denies I-T summons to Nitin Gadkari

The Bharatiya Janata Party on Sunday denied reports of Income Tax summons to party president Nitin Gadkari and alleged that it was a plot to malign his image. The report was also denied by Gadkari who said he hasn't received any notice from the I-T department. ...  

Income Tax summons for BJP chief Nitin Gadkari

The Income Tax department on Saturday issued summons to BJP chief Nitin Gadkari in connection with alleged tax evasion. The summons were for Gadkari and some associated companies. Top sources in the department said Gadkari has been asked for his personal appearance so that he can be confronted with the documents and probe conducted by the I-T in this regard in the last few months. ...  

Amitabh agrees to pay tax dues worth Rs 1.66 cr

A day after the Supreme Court asked actor Amitabh Bachchan to respond to a petition from the Income Tax department, the actor said on Wednesday that he is ready to pay the taxes due. ...  

Chennai: I-T dept conducts survey on Nokia premises

The Income Tax department officials on Tuesday conducted a survey operation on the premises of Finnish cellphone major Nokia in Chennai on charges of alleged tax evasion. Sources in the department said the survey operation was conducted at the company's premises in the Tamil Nadu capital (under section 133 of the I-T Act) and few other locations in the country would be brought under this action. ...  

I-T department drags Amitabh Bachchan to SC

The Supreme Court on Tuesday sought the response of superstar Amitabh Bachchan on a petition by Income Tax Department which has claimed that the actor owes to it Rs 1.66 crore as taxes on his income he earned through quiz show 'Kaun Banega Crorepati' during 2001-02. ...  

Black money: I-T approaches Swiss authorities

New Delhi: The Income Tax department, probing the secret list of account holders in the Geneva branch of HSBC bank, has approached Swiss revenue authorities for banking data of certain individuals after investigations showed some of them reportedly had other accounts under fictitious names. The department, which approached the Finance Ministry and the Central Board of Direct Taxes (CBDT) in this regard recently, has initiated the step in order to...  

Most of Purti's companies had fake addresses: I-T report

Mumbai: The Mumbai Income Tax department has shared its preliminary investigation report on BJP President Nitin Gadkari's Purti Group with the Pune Income Tax DG and Kokata Income Tax DG. The preliminary probe has found that most of the companies with registered addresses were fake addresses. In the course of the field surveys, the officers could not locate books of accounts. The companies were incorporated with minimum capital and there...  

Cricket World Cup tax exemption papers to be made public

New Delhi: The Central Information Commission has directed the Income Tax department to make public documents related to tax exemption given to the ICC World Cup held last year in the country. Information Commissioner Rajiv Mathur directed the department to make public the documents placed before the Union Cabinet last year on the basis of which decision was taken to grant the exemption. He, however, allowed the I-T department to...  

'Gadkari lent to and borrowed from the same firm'

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...  

Graft charges may hit BJP chief Gadkari's 2nd term hopes

New Delhi: As more details of the web of shell companies associated with Bharatiya Janata Party (BJP) president Nitin Gadkari's Purti Group emerged, the Income Tax department swung into action. Sources in the I-T department confirmed they were probing the source of funds of the 18 odd companies that are shown as investors in Purti Power and Sugar. "The source of the funds, the manner of the sourcing and the...