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: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: due date for vat payment :: cpt :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: Central Excise rule to resale the machines to a new company :: empanelment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
ę Indirect Tax »
 How it affects long-term capital gains tax calculations
 Should you opt for 'consultant' status to lower tax outgo?
 Income Tax department to issue ‚Äėnon-statutory‚Äô letters in case of no reply
 E-commerce majors seek removal of tax at source on sellers
 New direct tax regime would benefit state
 Indirect tax collections increase by 16.9 per cent in January
 Tax officers to file self-appraisal report on e-assessment
 How are you saving tax this season? 10 funds saved tax & delivered 30% returns too
 Increase in taxpayer base will help bring down tax rate, says Arun Jaitley
 There is inconsistency in filing income tax, says CBDT Chairman
 Data analytics to help income tax dept catch evaders

Income tax officials seize R8.5 cr in cash from bullion dealers Kamathipura office
June, 13th 2013

Trouble for Prithviraj Kothari, owner of RiddhiSiddhi Bullions Ltd, seems to have escalated. The income tax (I-T) authorities claim to have recovered around Rs8.5 crore cash from one of his offices located at Kamathipura.

“The cash was kept in the basement of the office and is suspected to be unaccounted for,” an I-T official said requesting anonymity.
The I-T department started searches on Kothari and his company on Tuesday after his name came up in the intercepted calls during the spot-fixing investigation.
The officers have also found that Kothari was running a company with a different name. It had a director who made bank transactions worth Rs1,900 crore through five banks.

“However, the company was not involved in any big business. It appeared to be for namesake,” the official said, adding that they suspected that it was used to cover up the hawala transactions.
I-T officials couldn’t record Kothari’s statement on Wednesday as he was not available.
When asked about the cash, Kothari told HT that it was bullion money and accounted for. He also refuted the I-T’s finding that though RiddhiSiddhi showed a turnover of Rs. 25,000 crore in its account books, a substantial portion of the import was bogus.

Kothari said everything was accounted for as it involves Customs, valuation and remittance.
The I-T authorities also went to the offices of Hundia Exports, dealers in gold and silver, at Grant Road and Zaveri Bazaar. Its owner, Suresh Hundia, was the president of the Bombay Bullion Association before Kothari.

I-T officials said they even went to Hundia’s residence because of his business relations with Kothari earlier.
Hundia confirmed the I-T officials’ visit. “They have some doubt and the inquiry will go on,” he said, adding that he did not know Kothari.
Hundia said he had given all the documents as required by the I-T and also claimed that the authorities found nothing.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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