Galgotia group concealed Rs 42 crore income
28 Jun 2012 1:05 PM GMT
A list of the concealed income admitted to the tune of over Rs 600 crores in the past two years by director of Income Tax (Investigations), Kanpur, Kunal Singh was submitted before a Delhi court which includes the educational institution, Galgotia group too. The group had been concealing income to the tune of Rs 42 crores.
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'Total value of assets confiscated was Rs 7.32 crores and as many as ten warrants were executed against the group,' the list states. Apart from that, real estate companies MMR infrastructure and Assotech Ltd group were found to be concealing incomes of Rs 48.75 crores and Rs 36.25 crores respectively.
Singh was apprehended on allegations of favoring Eldeco company in a tax evasion case and the list which was submitted in the court clearly shows that Singh had some important companies on his radar. Concealed income admitted for Eldeco, according to the list, is Rs 35 crores.
The list states that the total income which was concealed during search and seizure operations conducted under the director general of income tax, Lucknow/director of income tax (investigations), Kanpur during 2010-11 and 2011-12 was Rs 600.70 crores. Kunal Singh was director, investigations, Kanpur range.
Singh was apprehended by the CBI along with a joint director Ratan Singh in connection with an alleged tax evasion case accusing Singh of taking bribe of Rs 30 lakhs from MD of Eldeco group, Pankaj Bajaj, who was also apprehended by the CBI on 4 June.
It was reportedly argued in the court that why would Kunal Singh, who had performed so well in the past two years, get involved in taking bribe for favoring anyone in a tax evasion case. According to the list, total value of assets seized during in two years period was Rs 113.09 crores and number of warrants executed were 705.
In a recent development in the case the CMD of Eldeco, SK Garg, who was named in the FIR, was apprehended by the CBI on June 21, more than a fortnight after the case was lodged. When asked why it took so long to catch Garg, CBI sources said that he had been escaping his apprehension.
Another important point which was stressed on in the court is mysterious involvement of a person, Pramod, who as per the CBI FIR had come to Kunal Singh's house (where CBI had raided and found Rs 30 lakhs) during the raid with gold biscuits stating that it was meant for Singh as a bribe in a one-and-a-half year old case. 'Pramod hasn't been caught yet even when he had come in presence of CBI sleuths. Why was he let off?' it was argued.
Even though the CBI officials are maintaining that they have enough evidence in the case, the sources closely monitoring the case said that the existing loopholes can't be ignored too.
IN THE NET
The CBI had caught four senior Income Tax officials, including commissioner investigations Kanpur range, Kunal Singh, joint director investigations Ratan Singh, also an IRS officer, assistant commissioner Uma Kant and Income Tax inspector Harish Daundiyal. Pankaj Bajaj, managing director of realty firm Eldeco which is under the scanner for alleged tax evasion, and chartered accountant Anil Jaiswal were also nabbed by the agency during the operation.
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'Total value of assets confiscated was Rs 7.32 crores and as many as ten warrants were executed against the group,' the list states. Apart from that, real estate companies MMR infrastructure and Assotech Ltd group were found to be concealing incomes of Rs 48.75 crores and Rs 36.25 crores respectively.
Singh was apprehended on allegations of favoring Eldeco company in a tax evasion case and the list which was submitted in the court clearly shows that Singh had some important companies on his radar. Concealed income admitted for Eldeco, according to the list, is Rs 35 crores.
The list states that the total income which was concealed during search and seizure operations conducted under the director general of income tax, Lucknow/director of income tax (investigations), Kanpur during 2010-11 and 2011-12 was Rs 600.70 crores. Kunal Singh was director, investigations, Kanpur range.
Singh was apprehended by the CBI along with a joint director Ratan Singh in connection with an alleged tax evasion case accusing Singh of taking bribe of Rs 30 lakhs from MD of Eldeco group, Pankaj Bajaj, who was also apprehended by the CBI on 4 June.
It was reportedly argued in the court that why would Kunal Singh, who had performed so well in the past two years, get involved in taking bribe for favoring anyone in a tax evasion case. According to the list, total value of assets seized during in two years period was Rs 113.09 crores and number of warrants executed were 705.
In a recent development in the case the CMD of Eldeco, SK Garg, who was named in the FIR, was apprehended by the CBI on June 21, more than a fortnight after the case was lodged. When asked why it took so long to catch Garg, CBI sources said that he had been escaping his apprehension.
Another important point which was stressed on in the court is mysterious involvement of a person, Pramod, who as per the CBI FIR had come to Kunal Singh's house (where CBI had raided and found Rs 30 lakhs) during the raid with gold biscuits stating that it was meant for Singh as a bribe in a one-and-a-half year old case. 'Pramod hasn't been caught yet even when he had come in presence of CBI sleuths. Why was he let off?' it was argued.
Even though the CBI officials are maintaining that they have enough evidence in the case, the sources closely monitoring the case said that the existing loopholes can't be ignored too.
IN THE NET
The CBI had caught four senior Income Tax officials, including commissioner investigations Kanpur range, Kunal Singh, joint director investigations Ratan Singh, also an IRS officer, assistant commissioner Uma Kant and Income Tax inspector Harish Daundiyal. Pankaj Bajaj, managing director of realty firm Eldeco which is under the scanner for alleged tax evasion, and chartered accountant Anil Jaiswal were also nabbed by the agency during the operation.
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