- Last year in December, the Directorate General of GST Intelligence (DGGI) had recovered over ₹194.45 crore in cash, 23 kg gold, and 600 kg sandalwood from the factory premises of Kanpur based perfume businessman Piyush Jain
Last year in December, the Directorate General of GST Intelligence (DGGI) had recovered over ₹194.45 crore in cash, 23 kg gold, and 600 kg sandalwood from the factory premises of Kanpur based perfume businessman Piyush Jain
The Income Tax Department has started the investigation against Uttar Pradesh-based perfume businessman Piyush Jain. Last year in December, the Directorate General of GST Intelligence (DGGI) had recovered nearly ₹200 crore in cash, 23 kg gold, and 600 kg sandalwood from the factory premises of Jain. Unaccounted perfumes worth crores were also seized from Jain's factory.
During the interrogation last year, Jain said the cash belonged to his relatives and other family members though could not give any convincing evidence. Even the relatives whose names were taken by Jain denied the claim.
Out of ₹194.45 crore, DGGI raised a tax liability of ₹52 crore on Jain. The rest amount of the cash will now be seized or requisitioned by Income Tax under section 132B of Income Tax.
According to the ANI news agency, the seized money has been kept in the State Bank of India. Now a warrant will be issued against Jain by the I-T department, Kanpur division. The income tax sleuths will also match his income tax returns by opening the previous year's ITR filed by him.