New Delhi: The Supreme Court will on Friday pronounce its judgement on Vodafone International Holdings' appeal challenging the income tax demand of Rs 11,000 crore on the overseas deal between Vodafone and Hutchison. Vodafone had moved the apex court challenging the Bombay High Court judgement of September 8, 2010 which had held that Indian IT department had jurisdiction over the deal. Through the $11.2 billion deal in May 2007, Vodafone...
10:00 PM, Jan 19, 2012
New Delhi: The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations, even as the company said it was fully compliant with all the provisions. The department has asked the company to pay a total tax of Rs 1,067.24 crore under sections 201 (consequences of failure to...
07:10 PM, Jan 18, 2012
Chandigarh: Surveillance and Income Tax department teams, deployed for checking black money and narcotics in poll-bound Punjab, have seized close to Rs 18.84 crore cash and confiscated over 36 lakh ML of foreign liquor, a latest data of the state poll body revealed. The Election Commission deputed teams comprising of police and other enforcement agencies have also intercepted and seized contraband like opium, heroin and smack from 27 districts of...
09:27 AM, Jan 15, 2012
New Delhi: The Central Bureau of Investigation (CBI) all set to file chargesheet against a judge of an Income Tax tribunal for colluding to pass favourable orders for a Chartered Accountants firm's clients. The CBI is said to have collected evidence that a member of the Income Tax Apellate Tribunal (ITAT) colluded with a Kolkata-based firm of chartered accountants SK Tulsiyan & Co. The CBI believes that the firm had...
09:35 AM, Jan 10, 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
New Delhi: Former Jharkhand chief minister Madhu Koda has been slapped a Rs 1,200 crore recovery notice by the Income Tax department. The assessment wing of the I-T department found that Koda amassed assets worth of Rs 3,300 crore. Koda has been asked to pay up the amount within a month. According to earlier reports, the I-T department has traced a person who allegedly helped get hundreds of crores of...
10:30 AM, Jan 03, 2012
New Delhi: In a startling revelation, official auditor CAG on Friday said the government has a huge tax demand of Rs 1.96 lakh crore, of which 84 per cent cannot be realised due to various reasons like death, insolvency and liquidation of company. "Out of Rs 1.96 lakh crore, the arrear demand reported by DIT (Department of Income Tax) Recovery, a major portion, that is, 84.3 per cent amounting to...
07:16 PM, Dec 16, 2011
Mumbai: The Enforcement Directorate (ED) on Wednesday opposed the bail plea of Kashinath Tapuriah, aide of Hasan Ali Khan arrested for alleged money laundering, contending that he is sufficiently influential due to his political connections. Tapuriah had approached the Bombay High Court seeking bail on the ground that he has been implicated in the case and that there is no evidence against him. Additional solicitor general Darius Khambata, arguing for...
07:54 PM, Dec 07, 2011
New Delhi: Former Jharkhand chief minister Madhu Koda has been in jail for two years on charges of being involved in the Rs 1,300 crore money laundering scam. However, investigations done so far by the CBI, Enforcement Directorate and Income Tax authorities throw up different figures. CNN-IBN has exclusively accessed final reports prepared by multiple investigating agencies and found all coming up with vastly different figures for the scam that...
06:27 PM, Dec 05, 2011
Mumbai: For the last two days, the traffic police have clamped down heavily on all government officers and others who use the official red or yellow beacon on private vehicles. On Tuesday night, the traffic police penalised an additional commissioner of Income Tax for fixing a yellow beacon on a private taxi. The incident occurred at 8 pm near Godrej Building in Worli, when traffic constable Amol Palve from the...
03:30 PM, Dec 01, 2011
New Delhi: An Income Tax team seized Rs 70 crore in cash from the house of coal contractor Lal Babu Singh in Jharia in Dhanbad district. I-T officials called it the largest ever cash haul in a single operation. Fake PAN cards and false documents pertaining to transactions were also recovered in the raids. Reports say that Singh's CA DN Sinha was also questioned over the cash haul. The Jharia...
08:25 AM, Nov 24, 2011
New Delhi: Kadapa MP Jagan Reddy's Income Tax case will come up for hearing on Tuesday. A CBI court will hear the petition of the income tax authorities from both Bangalore and Hyderabad. I-T officials have sought access to the copies of the documents seized by the CBI. The documents pertain to Jagan's companies that are under the CBI scanner. The CBI had raided Jagan Mohan Reddy's Hyderabad residence on...
08:58 AM, Nov 08, 2011
New Delhi: The Enforcement Directorate will attach an estimated Rs 50 crore of assets of Pune stud farm owner and alleged tax defaulter Hasan Ali Khan and his Kolkata-based associate Kashinath Tapuriah in a money laundering case. The Adjudicating Authority of the agency based in Delhi recently endorsed an order of ED's Mumbai office in this regard, paving way for attachment of the duo's immovable properties in Mumbai, Pune and...
01:05 PM, Nov 04, 2011
New Delhi: Reacting sharply to Arvind Kejriwal's letter along with a cheque to Prime Minister Manmohan Singh, Congress on Thursday described it as "insulting" to the top office and said the former revenue officer should have written to his immediate senior officer on this issue. "Kejriwal writting his letter to Prime Minister is insulting the office of the Prime Minister. I don't know what designation Kejriwal held when he was...
12:49 AM, Nov 04, 2011
New Delhi: Arvind Kejriwal on Thursday returned over Rs 9 lakh in dues to settle the issue of his resignation from the IRS, insisting that he was doing so in protest and it does not mean he has accepted any mistake. Kejriwal sent a cheque of Rs 9,27,787 along with a letter to Prime Minister Manmohan Singh, asking him not to "trouble" his six friends, including Magsaysay winner Harish Hande,...
08:17 PM, Nov 03, 2011
Mumbai: The Income Tax Department on Thursday conducted searches at the premises of prominent industrialist Gautam Singhania in Mumbai and in Delhi over alleged tax evasion. The I-T operation began early in the morning and was initiated by the Intelligence Wing of the department. A team of about 150 I-T sleuths began searching the official premises of the business tycoon, who is the Chairman and Managing Director of the Raymond...
01:45 PM, Nov 03, 2011
New Delhi: The Black money debate has returned to haunt the UPA, even as the Income Tax Department has started probing accounts of 782 Indians in a Swiss bank for suspected black money. A list of the top Indian black money account holders of HSBC bank in Switzerland could make things more difficult for the Centre, as the list includes the who's who of the country - one reason why...
09:07 PM, Nov 01, 2011
New Delhi: The BJP and the Congress on Tuesday targetted each other over the black money issue even as the Income Tax Department is looking at 782 Indian accounts in HSBC Geneva for suspected black money. Targetting the UPA, the BJP said that the Government has failed to deliver on its promises on curbing the black money menace. "The UPA had promised that they would initiate the process to get...
05:17 PM, Nov 01, 2011
New Delhi: Resignations of four Indian Revenue Service officers, including Magsaysay awardee and Team Anna member Arvind Kejriwal, have not been accepted by the government due to pending requisite formalities. Between 2007-11, resignations of 15 IRS (T) officers were accepted which include two officers - Amita Sharma and Ambika Prasad, who were asked to pay dues of Rs 9.15 lakh and Rs 8.36 lakh respectively before clearance was granted. The...
12:34 PM, Oct 30, 2011
New Delhi: Team Anna member Arvind Kejriwal on Thursday said he will take more time to decide on the Income Tax Department's notice asking him to pay Rs 9.5 lakh tax. The department set Thursday, October 27 as the last date for paying the tax. "I will consult my friends and take a decision in another 5 to 7 days. They had given very little time," said Arvind Kejriwal. The...
03:11 PM, Oct 27, 2011
