Income Tax department attaches Shiv Sena leader Yashwant Jadhav's 41 properties

 







The Income Tax department has attached 41 properties of Shiv Sena leader and former BMC standing committee chairman Yashwant Jadhav in Mumbai, in the alleged tax evasion case.


The properties have been attached as the income tax department suspects that most of them were purchased through tainted money that Jadhav earned while serving as the standing committee chairman of Brihanmumbai Municipal Corporation (BMC) between 2018 and March 2022, reported The Times of India.


According to the report, the attached properties include 26 flats registered in the name of a company Newshawk Multimedia, which is controlled by Jadhav’s nephew Vinit, and Imperial Crown hotel at Byculla that Jadhav had purchased in the name of his mother-in-law, a flat in Bandra West and 14 other properties in the control of Jadhav directly or indirectly.


I-T department found in an investigation that the Bandra flat in Jadhav’s possession has a registration value of Rs 5 crore, the report stated. A legitimate payment of Rs 1 crore was done by Jadhav for the flat, but there is no clarity about the rest of the amount.


Also, Jadhav had reportedly purchased tenancy rights of 31 flats in Bilakadi Chambers (a pagdi system building) through Newshawk Multimedia. He had paid those tenants in cash, it said.


The provisional attachment carried out by the agency is under section 132 (9)B of Income Tax Act. As per the law, I-T department can attach provisionally any property belonging to the assessee for the purpose of protecting the interest of revenue, the report suggested.


In case Jadhav fails to prove his case before the theincome tax department and is unable to pay the penalty, the provisionally attached assets will be auctioned to recover the dues.


Download our App to get knowledge updates: https://play.google.com






Join Our Telegram Channel for more updates:https://t.me/praveengst:

























Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud...
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the ...
Read more

Income Tax Dept detects ₹350 cr unaccounted cash receipts after raid in Rajkot

Image
  The Income Tax Department carried out a search and seizure operation on a real estate group based in Gujarat's Rajkot and found unaccounted cash receipts in various projects of approximately ₹350 crore, the Finance Ministry said on Friday. The group is among Gujarat’s prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the search operation. During the course of operation, many incriminating documents and digital evidences were seized indicating involvement of the group in unaccounted transactions. The IT sleuths found substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately ₹350 crore...
Read more