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 :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARDS :: form 3cd :: due date for vat payment :: VAT Audit :: empanelment :: TDS :: VAT RATES :: Central Excise rule to resale the machines to a new company
« News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

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 2016 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