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: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: empanelment :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARD :: due date for vat payment
 
 
« 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 raid unearths biggest taxpayer
April, 06th 2010

Move over Mumbai, Kolkata has arrived. The country's highest taxpayer could be from this city never mind the fact that he was forced to pay the whopping amount after an income tax raid. Santiago Martin has coughed up an unbelievable Rs 19 crore which, the West Bengal circle of the income tax department claims is perhaps the highest amount paid by a single assessee.

This has toppled last year's record of Rs 18 crore paid by Bollywood actor Akshay Kumar, whose total income for the year was Rs 63 crore.

Santiago is the sole distributor of West Bengal State Lottery, Sikkim State Lottery, Arunachal State Lottery, Meghalaya State Lottery and Royal Bhutan Lottery. Officers at the I-T department found out that M/s Future Distributors, which is the sole distributor of these lotteries and owned by Martin, had not filed any income tax return.

The officers started keeping a watch on the Taratolla premises of Future Distributors and started entering the office under the garb of potential stockists. Old files and other documents revealed that Martin had been floating lottery distributorship companies only to win a lot of cash from unsold tickets which he would never return to the lottery companies.

According to rules, all unsold tickets should be returned to lottery companies. "We have found details in Martin's accounts books to show that he has been winning constantly from unsold tickets, details of which have been meticulously maintained.
Most draws happen in remote places and people do not question the results that are printed in newspapers," said Sumit Dasgupta, the officer who led the raid under the guidance of additional commissioner Neeraj Singh.

"The moment he made his money, he would wind up the company and float another one. Naturally, it was difficult to nab him all this while," Dasgupta said.

Martin is a Class VII dropout started out by hawking lottery tickets. In 1981, he devised his ingenious plan of not returning unsold tickets and managed to win Rs 1.5 lakh. There was no looking back since.

He started taking sole distributorships of several state-backed lotteries. He floated and wound up companies in Tamil Nadu and Karnataka according to documents with the I-T department, evading huge amounts in taxes.

During the raid, it was found that incomes from unsold tickets were concealed in the accounts. Various indirect expenses including depreciation, transportation and remuneration to partners were inflated, which was also detected. The team of officers came across genuine books of accounts before any adjustments to lower the net profit was made. A strict vigil kept till the end of March, which flouted the attempts at manipulation of accounts books.

"This time, Martin was caught unawares, as the office of his chartered accountant was also covered along with the offices for unsold tickets and winning tickets," Dasgupta said. D C Pant, the chief commissioner of income tax, West Bengal, said: "I am extremely happy that we were able to round up an evader who was trying to duck taxes worth Rs 19 crore, which is certainly one of the highest ever paid by a single assessee."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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