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: due date for vat payment :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT RATES :: articles on VAT and GST in India :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARD
 
 
« General »
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert

Report: Reddys park Rs 215 crore in tax havens
July, 29th 2011

Where has all the Bellary ore money gone? Swiss banks or the tax haven of the British Virgin Islands? The final report on illegal mining illustrates that Karnataka's powerful Bellary ministers, whose transactions were way beyond what is declared to the state authorities, are involved in money laundering and tax evasion to smuggle out their crores - similar to what former Jharkhand CM Madhu Koda was up to some time ago.

The Lokayukta report has assessed that a whopping Rs 215.12 crore has been parked by Reddy brothers and their confidant B Sriramulu in tax havens and recommended for a thorough investigation by IT department to ascertain the exact loss and bring the money back to India.

Officials led by UV Singh have unearthed vital evidence that suggested that Reddys had allegedly diverted funds to overseas destinations through illegal means from their Obulapuram Mining Company (OMC).

The report said the OMC had exported about 20 consignments to GLA Trading International in Singapore, though the major destination for iron ore trade is China. Incidentally, officials found that GLA was established on November 30, 2007, with G Janardhana Reddy as one of its directors. GLA, with a share capital of $1, has its offices in the tax havens of Singapore, Dubai and the British Virgin Islands.

A comparative statement of various iron-ore exporters for the similar grade of iron ore revealed that OMC has exported to its own Singapore entity for a much lower price. "The export consignments were highly undervalued - by 35% - which amounts to smuggling in the light of provisions of the Customs Act."

A telling example in transactions from the export of OMC was in Feb-March 2007 from Visakhapatnam. For the similar grade of iron ore, OMC had under-invoiced at $94 per tonne, while it exported it to GLA in Singapore; GLA, in turn, sold it to the top grain minerals, Maco Commercial, at $152 per tonne - a clear difference of $58 per tonne.

The report said there are 478 suspected cases of under-invoiced exports during the period 2006-2010 amounting to over Rs 2,222 crore.

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

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