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
Latest Expert Exchange
News Headlines »
 What is tax deducted at source (TDS)?
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling

Biggest tax evasion scam unearthed
March, 09th 2007

Rs 35,000 crores is the estimated size of what could be the biggest income tax evasion scam in this country, reports CNBC-TV18.

A six-storeyed building in Pune's Koregaon Park area belongs to Hasan Mohammed Ali - an affluent business man having interest in horse breeding, exports, and of course horse racing. But a casual raid by the Income Tax department has opened up a can of worms on his life style.

The IT Department smelled a rat and raided Ali's offices in Pune, Mumbai, Hyderabad and Kolkata between 5th and 7th of January this year where they came across Ali's computer. The hard disc contained details of transactions totalling to Rs 35,000 crores in 10 Swiss bank accounts.

"We can't confirm or deny anything right now," says DV Dharmik, Chief IT Commissioner, Hyderabad.

The Finance Ministry was informed immeditely and they handed over the case to the Enforcement Directorate. Accordingly, a team of four senior officers was sent to Switzerland between January 15-19. Details of seven out of the 10 accounts were found matching and the Government of India asked for the accounts to be frozen.

Ali has been questioned in this respect on various ocassions but has not been arrested so far due to lack of evidence. The IT department, meanwhile, is being tight lipped about the matter.

What started as a random scrutiny is turning out to be the biggest case in the history of income tax investigations. The Enforcement Directorate is now waiting for details from the Swiss bank to finally nail Hassan Ali. But the real question is - where did this huge amount of Rs 35,000 crore come from and who are the other bigger players.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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