Shravan Gupta summoned by court over 'black money' allegations

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Shravan Gupta summoned by court over 'black money' allegations A Tis Hazari court on Friday summoned managing director of real estate major Shravan Gupta as an accused after taking cognisance of the Income Tax department’s complaint against him for allegedly not furnishing details of his foreign bank accounts. Additional Chief Metropolitan Magistrate Devendra Kumar Sharma has summoned Gupta on March 24. Gupta’s name, along with others, has allegedly cropped up in the black money case.

The managing director of real estate major has been summoned as an accused after the I-T department filed a complaint for alleged tax evasion

The Income Tax Department, in its complaint against Gupta, has alleged that he had not filed the income tax return of US $1.5 million for the financial year 2005-2006 and admitted to the same when questioned and confronted by the department about it. It alleged that he had later filed the income tax return and declared the amount in his income. The department said Gupta had refused to give his bank account details, after which the complaint was filed against him under Section 276 D (failure to produce accounts and documents) of the IT Act.

The department said this after Gupta’s name cropped up in the HSBC list. According to the department, Gupta had opened the HSBC account in 2006. It was closed in 2007 and tax was deposited by him voluntarily in 2011. After the Special Investigation Team submitted its second report, the SC had directed the IT department to go whole hog with the probes and prosecutions.

The case against Burman has now been fixed for hearing arguments before framing the charges. The second prosecution that was initiated was against a former Indian Naval officer Perbodh Nath Aggarwal. Rear Admiral (retd) Aggarwal is being probed for evasion of approximately Rs 24 crore. Aggarwal has been booked for tax evasion and non-disclosure (section 276c (1) and 277) of Income Tax Act 1961 for the assessment year 2005-06. He owned several undeclared offshore accounts, which are estimated to have held nearly Rs 60 crore for several other assessment years.

On December 2, the last date of hearing, the apex court had virtually thwarted fresh attempts by the Modi government to go slow on the black money probe and sternly asked it to “just go whole hog to unearth the money” and leave its other worries— bilateral, international agreement obligation and confidentiality clause related grievances—to the SIT which has two retired SC judges—Justices M.B. Shah and Arijit Pasayat as its Chairman and Vice Chairman respectively.

The remarks had come after the attorney general repeatedly told the bench that disclosing names of all Indian foreign bank account holders without arriving at their alleged illegality would breach confidentiality clause in the existing bilateral double taxation avoidance agreements signed by India with other countries.


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