Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT Audit :: form 3cd :: Central Excise rule to resale the machines to a new company :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARD :: cpt :: due date for vat payment :: list of goods taxed at 4% :: empanelment
 
 
Direct Tax »
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal

Income Tax department conducts searches on Sahara group in Delhi, NCR
November, 24th 2014

The Income Tax department today conducted searches on the premises of Sahara group in the national capital and adjoining areas on charges of tax evasion.

Sources said the searches were launched by the taxman at at least three locations of the group, one in Delhi and two in the national capital region, as part of its "tax related demands" against the business group.

The searches, sources said, were on till late in the evening and I-T sleuths have seized some documents, electronic records and cash from the premises.

When contacted by PTI, Sahara group confirmed the development but expressed ignorance as to why this action was being taken against it.

"We do not know what is the case and why all these raids are done. Please also note that there is some amount found by the agency during the raid. To clear the ambiguity from the beginning and stop any speculation, we would like to upfront inform that each and every penny found is accounted and company's legitimate money.

"Since last one year, we are facing complete embargo on our properties and for 20 months all our accounts were freezed and the entire amounts of freezed accounts have been paid to SEBI," a Sahara spokesperson said.

The spokesperson said "under such circumstances we are tightly managing the affairs of our big organisation and hence some legitimate cash is kept at various points for various kinds of requirements and higher emergencies.

"As getting bigger amounts from bank account is extremely difficult and when and which account SEBI will cease, we do not know," he added.

Recently, another central investigative agency-- the Enforcement Directorate (ED) -- registered a money laundering case against the group in connection with non-payment of crores of rupees to depositors as probed by capital markets regulator SEBI.

The criminal case was registered by Mumbai zonal office of the ED, under the Prevention of Money Laundering Act (PMLA), after it got reports in this regard from the Securities and Exchange Board of India (SEBI).

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions