I-T finds tax evasion in 2G scam; status report in SC tomorrow
The Income Tax department has found instances of alleged tax evasion and “multiple routing” of undeclared wealth in the 2G spectrum allocation scam and will file its first status report on the probe in the case in the Supreme Court tomorrow.
The department, according to officials, has reportedly traced instances of tax evasion by various Telecom firms that have been named by the CBI and the ED in their charge sheets.
The role of corporate lobbyist Ms Niira Radia would also be mentioned in the report, they said.
“Various benami entities have been found to have received funds and carried out their multiple routing. These funds were never shown on account books,” an I-T official said.
The report, which will be placed in a sealed cover before the apex court, has been prepared after collecting information and carrying out investigation of accounts, banking records and sources of funding of these firms.
The I-T department, according to the officials, have relied heavily on the its intelligence gathering tools, which keep the records of individual taxpayers and corporate firms, to prepare the status report, which was to be filed on May 3.
The department did not conduct full-fledged and independent searches under the provisions of the Income Tax Act in the case which relates to the allocation of the new Unified Access Services (UAS) licenses and subsequent allocation of the 2G spectrum.
Sources said the I-T probe went into charges of alleged bribing and possession of disproportionate assets against some of the operators who were awarded licenses under the 2G spectrum deal.
The department had gone into the angle of tax evasion in the entire process of allotment of the 2G spectrum through under-stating profits and escalating losses to allegedly facilitate bribes and kickbacks.
The status report has been prepared after a special cell was created in the Central Board of Direct Taxes (CBDT), which probed the entire case with the involvement of the investigation, intelligence and various tax collection units of the department.
Category : Income Tax | Comments : 0 | Hits : 331
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000

Comments