Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: form 3cd :: TDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India
 
 
« News Headlines »
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated…

I-T dept ignored Raju's diversion of funds
January, 30th 2009

The income-tax department appears to have turned a blind eye seven years ago to diversion of funds from Satyam to members of the Raju family. A deputy director of investigation in IT found fixed deposits worth Rs 19.5 crore in banks on which tax had not been deducted at source.

The fixed deposit accounts were in the names of various family members of chairman Ramalinga Raju including his mother B Appalanarsamma, father Satyanarayana Raju and other relatives.

The IT department started a probe when it found a large number of form 15H (wherein senior citizens seek exemption from TDS) filings that were associated with accounts without proper documentation, according to an IT report submitted in 2002.

The Times of India in its edition of January 15 had reported that the authorities were taking a another look at the 2002 investigation report against the promoters of Satyam, which had unearthed more than 50 bank accounts in the names of Raju's family members and alleged fronts.

The officer who was carrying out the investigation had found that the funds had originated from Satyam and reached the banks through layers of transactions.

Instead of nailing the Raju camp which was involved in this embezzlement, the IT department transferred the officer, Siripurapu Padmaja, and asked her replacement to produce another report. But even the report of the second officer, Bhaskar Goswami, which was described as a supplementary one, supported Padmaja's findings.

By this time Raju's men, having got wind of the investigation, approached the IT department and offered to pay tax on the FDs, which they were allowed to do. There was no effort to involve the economic intelligence agencies, Sebi, RoC or the department of company affairs in what was a more serious crime than income-tax evasion.

"Raju was too big a guy in 2002. He was the face of a new emerging Hyderabad. The then AP chief minister Chandrababu Naidu had put him on the same dais along with President Clinton even as heads of top industry houses sat in the the audience. Who could have pointed a finger at him then?" said an IT official.

When this correspondent spoke to A K Basu, who was then director of investigation (and is now a chief commissioner), his response was, "It's so long ago...Now the matter is being looked at at the level of Delhi...It would be inappropriate for me to comment."

P A Chowdhury, then director general of investigation and now an insurance ombudsman after retirement said, "I won't be able to tell you what we did with the report. That's confidential."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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