Kanpur, Uttar Pradesh : , December 30, 2018 – Piyush Jain, a Kanpur businessman has requested the Directorate General of GST Intelligence to give him the large amount of cash he seized after deducting penalty and tax.Jain was charged with tax evasion.He is currently in 14-day custody.
Amrish Tandon (special public prosecutor) represented DGGI and informed a court Wednesday that Piyush Jain had revealed that he evaded taxes and owes a penalty of Rs 52 crore.
Piyush Jain’s lawyer asked for the court to order DGGI that the trader be penalized and the remainder to be returned.
Tandon replied by declaring that the amount recovered was tax evasion proceeds and would not be returned.
Jain can pay Rs 52 crore more as a penalty.DGGI would accept that, he said.
The DGGI seized more than Rs 195 crore cash and 23 kgs of gold, as well as sandalwood oil and money worth Rs 6.3 crore.This was in the context of raids on several Jain properties in Kanpur, Kannauj and Kanpur.
Officials searched Piyush Jain’s Kanpur residence and confiscated unaccounted cash in the amount of Rs.177.45 million.
During a 120-hour raid, DGGI officers entered the homes and factories of Odochem Industries at Kannauj.They seized Rs 17.3 crore cash.
The DGGI staff sought assistance from officials of State Bank of India (SBI), and their currency counting machines, in order to count the huge sum of money.
Tandon informed the court that the money was deposited at the State Bank of India and would be kept by the Government of India.
The arrest of his son has sparked a political storm within Uttar Pradesh, where the Samajwadi Party and ruling BJP have been arguing about the astonishing recovery of currency notes worth Rs 195 crore from Piyush Jain’s premises.
The Congress has, however, accused the DGGI to diluting this case by claiming the recovered money was a turn-over amount.
amita/dpb
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