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Government of India
Department of Revenue
Ministry of Finance
Central Board of Direct Taxes
New Delhi, 21st August, 2020
PRESS RELEASE
Income Tax Department conducts searches in Bhopal
The Income Tax Department carried out a search and seizure operation on 20.08.2020 at various locations in Bhopal.
The key person of one of the groups covered used to run a bangles shop. Another person covered is a property builder/developer and is also running a cricket academy. During the course of the search operation, documents pertaining to about 100 properties in the nature of plots, flats and agricultural lands having market value of about Rs.105 crore have been found. Documents indicate that a huge amount of undisclosed cash was invested in these properties in the last 6 years. Most of the properties have been found in the names of persons of no means, indicating that these are benami properties. During the search, cash and jewellery worth Rs. 1.8 crore have been seized.
Further, documentary evidence gathered during the search operation indicates partnership / association with some retired government servants and holding of their benami properties.
Investigations are still in progress.
(SurabhiAhluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT
Government of India
Department of Revenue
Ministry of Finance
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, 11th August, 2020
Income Tax Department conducts search on premises of Chinese entities.
Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees.
Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs. 1000 crores over the period. A subsidiary of Chinese company and its related concerns have taken over Rs. 100 crores bogus advances from shell entities for opening businesses of retail showrooms in India. Further, incriminating documents in respect of hawala transactions and laundering of money with active involvement of bank employees and Chartered accountants has been found as a result of search action. Evidences of foreign hawala transactions involving Hongkong and US dollars have also been unearthed. Further investigations are under progress.
(Surabhi Ahluwalia)
Commissioner of Income Tax (Media & Technical Policy)
Official Spokesperson,CBDT
Ministry of Finance
Department of Revenue
[Central Board of Direct Taxes]
New Delhi the 12th August, 2020
OFFICE MEMORANDUM
Sub: Weblink for watching the launch of the platform for "Transparent Taxation -Honoring the Honest" by Hon'ble Prime Minister-reg.
Hon'ble Prime Minister Shri Narendra Modi will be launching the platform for "Transparent Taxation - Honoring the Honest" via Video Conferencing at 11:00 am on Thursday, 13th August, 2020.
A link for watching the live webcast of the event is being forwarded herewith. The event and the link may be given wide publicity amongst taxpayers, trade associations, chambers of commerce, officers, staff, tax practitioners etc.
The link is as under -
https://pmindiawebcast.nic.in/
(Rakesh Gupta) CIT(C&S), CBDT
All Officers and Staff of the Income Tax Department
Ministry of Finance
Dated: 27 JUL 2020
The Financial Resolution and Deposit Insurance Bill, 2017 (FRDI Bill) was introduced in Lok Sabha on 10th August, 2017 and, thereafter, was referred to the Joint Committee of Parliament for examination and report thereon.
The Government had withdrawn the FRDI Bill in August, 2018 for further comprehensive examination and reconsideration of the subject.
There are some media reports about reintroduction of the FRDI Bill. This is to clarify that the Government has not taken any decision to reintroduce the FRDI Bill.
***
RM/KMN
(Release ID: 1641568)
Press Information Bureau
Government of India
Ministry Of Law & Justice
Dated: 25 JUL 2020
ITAT allows exemption of Rs 220 cr to Tata Education & Development Trust
In a major relief for Tata Education and Development Trust, the Income Tax Appellate Tribunal (ITAT) bench consisting of Justices PP Bhatt, President, ITAT , on 24th July ruled in favour of the trust in their appeal against commissioner income tax (CIT) appeal order wherein a demand of more than Rs.220 crore was levied by the tax department .ITAT also stayed the matter of that demand without any minimum pay.
The case pertains to assessment years 2011-12 and 2012-13 on money spent by the Trust for creating an endowment fund at Cornell University, US, to provide scholarships to Indian students, and granting financial assistance to the Harvard Business School for constructing an executive building to be named Tata Hall. It donated ₹197.79 crore in 2011-12 and ₹25.37 crore in 2012-13.
The controversy began after the Public Account Committee (PAC) of the Lok Sabha in 2018 sought an enquiry in the matter as it believed that exemption granted by the direct tax body was in violation of the I-T Act.
Concluding the matter, the Income-tax Appellate Tribunal (ITAT) on Friday stated that all other grounds of appeals will be “rendered, academic and infructuous”. "We have decided this issue in favour of the assessee and thus allowed this ground of appeal. We, therefore, uphold the plea of the assessee, and delete the resultant disallowance of claim of exemption,” it said.
The Appellate Tribunal also stated in its order that, “….this wholly avoidable litigation which does not only clog the serious litigation before the judicial forums but also diverts scarce resources of the philanthropic bodies, like the assessee before us, to the areas which do no good to the society at large.” The Tribunal hoped that the admirable work being done by the Government of India, in pursuing such forward looking policies at the macro level, is not allowed to be overshadowed by the isolated situations like this, at the field level, which must be minimized by sensitising the authorities concerned. It observed, “ An effort should be made to create a taxpayer friendly atmosphere by adopting just and fair approach at every level of the tax administration.”
The detailed ruling of Appellate Tribunal may be accessed by clicking on link