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Tax evader Hasan Ali gets Rs 40,000 cr bill
TN RAGHUNATHA | Mumbai
Indias biggest tax defaulter Hasan Ali Khan on Friday appeared before the Income Tax Department (I-T) in connection with recovery of the Rs 40,000 crore demand raised by the department for his failure to disclose unaccounted money stashed away by him in foreign banks.
Ali, who was absconding for about two years, arrived at the Assessment Wing of the I-T Department around noon and was there for about five hours, according to sources. The alleged money laundering racket kingpin, who has been in the eye of a raging controversy in recent weeks, was questioned following summons issued in connection with a notice slapped on him by the department.
The notice pertained to a case of alleged money laundering to the tune of several thousand crores, including $8 billion in an account in UBS AG, registered against him and two others.
The ED in Mumbai also issued a nationwide alert in connection with Alis dealings, to obtain information on his investments and transactions.
A Pune-based stud owner, Ali is also being investigated. In the notice, the I-T Department had not only demanded to know why he had not disclosed a major chunk of laundered money in an account in UBS AG, Zurich and other foreign banks, but also why he had not cleared the demand of Rs 40,000 crore raised by way of tax and penalty from him since 2009.
Recent media reports said UBS Bank had vehemently denied that it had any business relationship with him.
Alis questioning was a quiet affair, as not many even within Ayakar Bhavan knew that he had been summoned. I-T officials also questioned him for his failure to file I-T returns in recent years and the reported disappearance of money from his Swiss bank account. ED investigations had earlier revealed that Ali had $8.04 billion in his UBS account as on December 8, 2006.
In a list of 100 tax defaulters (who collectively owed a whopping Rs 1.41 lakh crore) tabled Rajya Sabha in August 2009 by Minister of State for Finance SS Palanimanickam, Ali had topped the list with outstanding I-T arrears amounting to more than Rs 50,000 crore.
Ali came into limelight after the I-T Department raided his Koregaon Park residence at Pune in January 2007. The seized documents had then showed that he had $8.04 billion in a UBS account in Zurich.
The raid had followed a revelation that Ali had allegedly concealed his income and not filed Income Tax returns since 1999. The department had also raided his properties in Mumbai and Hyderabad.
link:
The Pioneer :: Home : >> Tax evader Hasan Ali gets Rs 40000 cr bill
I-T wants Ali to pay Rs70,000cr in taxes - The Times of India
TN RAGHUNATHA | Mumbai
Indias biggest tax defaulter Hasan Ali Khan on Friday appeared before the Income Tax Department (I-T) in connection with recovery of the Rs 40,000 crore demand raised by the department for his failure to disclose unaccounted money stashed away by him in foreign banks.
Ali, who was absconding for about two years, arrived at the Assessment Wing of the I-T Department around noon and was there for about five hours, according to sources. The alleged money laundering racket kingpin, who has been in the eye of a raging controversy in recent weeks, was questioned following summons issued in connection with a notice slapped on him by the department.
The notice pertained to a case of alleged money laundering to the tune of several thousand crores, including $8 billion in an account in UBS AG, registered against him and two others.
The ED in Mumbai also issued a nationwide alert in connection with Alis dealings, to obtain information on his investments and transactions.
A Pune-based stud owner, Ali is also being investigated. In the notice, the I-T Department had not only demanded to know why he had not disclosed a major chunk of laundered money in an account in UBS AG, Zurich and other foreign banks, but also why he had not cleared the demand of Rs 40,000 crore raised by way of tax and penalty from him since 2009.
Recent media reports said UBS Bank had vehemently denied that it had any business relationship with him.
Alis questioning was a quiet affair, as not many even within Ayakar Bhavan knew that he had been summoned. I-T officials also questioned him for his failure to file I-T returns in recent years and the reported disappearance of money from his Swiss bank account. ED investigations had earlier revealed that Ali had $8.04 billion in his UBS account as on December 8, 2006.
In a list of 100 tax defaulters (who collectively owed a whopping Rs 1.41 lakh crore) tabled Rajya Sabha in August 2009 by Minister of State for Finance SS Palanimanickam, Ali had topped the list with outstanding I-T arrears amounting to more than Rs 50,000 crore.
Ali came into limelight after the I-T Department raided his Koregaon Park residence at Pune in January 2007. The seized documents had then showed that he had $8.04 billion in a UBS account in Zurich.
The raid had followed a revelation that Ali had allegedly concealed his income and not filed Income Tax returns since 1999. The department had also raided his properties in Mumbai and Hyderabad.
link:
The Pioneer :: Home : >> Tax evader Hasan Ali gets Rs 40000 cr bill
I-T wants Ali to pay Rs70,000cr in taxes - The Times of India
