I-T dept raids Chandigarh advocate who took Rs 217-crore money from shopper : The Tribune India

2020/10 15 16:10

New Delhi, October 15

The Revenue Tax Division has raided a “main” Chandigarh-based advocate on costs of alleged tax evasion and receiving at the very least Rs 217 crore “in money”, tax officers stated on Thursday.

They stated the division raided 38 premises linked to the lawyer in Haryana, Delhi and the nationwide capital area on Wednesday, they stated.

Money amounting to Rs 5.5 crore has been seized through the searches carried out towards the advocate practising within the discipline of business arbitration and alternate dispute decision, the CBDT stated in a press release.

The Board didn’t determine the advocate.

Ten financial institution lockers have been put underneath restraint, it stated.

“He was suspected to be receiving substantial quantities in money from his purchasers to settle their disputes. Incriminating paperwork of unaccounted money transactions and investments made by the assessee over a number of years have been discovered,” the division stated. 

The Central Board of Direct Taxes (CBDT), that frames coverage for the tax division, alleged that the lawyer in a single case “had acquired Rs 117 crore from a shopper in money, whereas he had proven solely Rs 21 crore in his data, which was acquired by cheque”.

In one other case, he acquired greater than Rs 100 crore in money from an infrastructure and engineering firm for its arbitration proceedings with a public sector firm, the CBDT claimed.

“The unaccounted money acquired has been invested by the assessee in buy of residential and industrial properties and in taking on of trusts engaged in working of colleges. Evidences recovered point out funding of greater than Rs 100 crore in money in a number of properties in posh areas within the final two years,” it stated.

The assessee and his associates have additionally bought a number of colleges and properties, for which greater than Rs 100 crore was “paid in money”, it stated.

He has additionally taken lodging entries (hawala funds) value a number of crores, it stated.

The Board stated the search groups have additionally recovered “substantial digital information reflecting unaccounted transactions of the assessee and his associates who’re financiers and builders”.  — PTI


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