The Hinduja Group is on the Income Tax Department's radar for allegations of tax evasion. According to information received by Zee Media from important sources, the income tax department has imposed the provision of anti-tax avoidance on the group companies. However, the Hinduja Group has denied those allegations. Take a look at this Zee's exclusive report.

Hinduja Group Under IT Department's Lens

A team of officials from the Income Tax Department conducted survey operations at the offices of the BBC in Delhi and Mumbai in connection with alleged tax evasion and irregularities.

BBC India Raid: I-T Department conducts 'survey operations' for alleged tax evasion

<p>The Madras High court has issued a notice to Oscar-winning music director AR Rahman seeking his explanation regarding a case filed by the Income Tax department. The allegation against the musician is that he has routed an income of over Rs.3 crore, through the AR Rahman Foundation (his charitable trust) to evade tax.</p>

<p>According to the Income-tax department counsel, Rahman received an income of Rs3.47 crore in the year 2011-12 based on a contract with a UK-based telecom company, to compose exclusive ringtones. As per the contract, the composer had instructed the company to directly pay his remuneration to the charitable foundation that is managed by him, the IT department maintains.</p>

<p>“The income which is taxable must be received by Rahman. After due deduction of tax, it can be transferred to the trust. But the same cannot be routed through the trust as income to the charitable trust is exempted under the Income Tax Act” the IT counsel added.</p>

<p>The website of the AR Rahman Foundation says that “The Foundation will create opportunities for everyone - especially the underprivileged - to lead a better life, both mentally and physically, through music, education and leadership building”.</p>

<p>So far Rahman has not responded to the news. More updates are awaited.</p>


The Madras High court has issued a notice to Oscar-winning music director AR Rahman seeking his explanation regarding a case filed by the Income Tax department. The allegation against the musician is that he has routed an income of over Rs.

The Madras High court has issued a notice to Oscar-winning music director AR Rahman seeking his explanation regarding a case filed by the Income Tax department. The allegation against the musician is that he has routed an income of over Rs.3 crore, through the AR Rahman Foundation (his charitable trust) to evade tax. According to the Income-tax department counsel, Rahman received an income of Rs3.47 crore in the year 2011-12 based on a contract with a UK-based telecom company, to compose exclusive ringtones. As per the contract, the composer had instructed the company to directly pay his remuneration to the charitable foundation that is managed by him, the IT department maintains. “The income which is taxable must be received by Rahman. After due deduction of tax, it can be transferred to the trust. But the same cannot be routed through the trust as income to the charitable trust is exempted under the Income Tax Act” the IT counsel added. The website of the AR Rahman Foundation says that “The Foundation will create opportunities for everyone - especially the underprivileged - to lead a better life, both mentally and physically, through music, education and leadership building”. So far Rahman has not responded to the news. More updates are awaited.

Income Tax department alleges AR Rahman routed income to his charitable trust to evade tax

<p>The Income Tax department on Tuesday carried out raids at a house where DMK candidate Kanimozhi is staying in Tamil Nadu's Thoothukudi.</p>

<p>Official sources indicated that the searches were held following "some inputs," but they did not elaborate. Income Tax officials were also "assisting," the local poll officials, they told PTI. The outcome of the searches were not known immediately.</p>

<p>DMK workers and supporters protested the incident while DMK chief MK Stalin blamed the centre, crying foul.&nbsp;</p>

<p>"Crores and crores of rupees are kept in Tamilisai Soundararajan's (BJP TN chief) residence, why no raids there? Modi is using IT, CBI, judiciary and now EC to interfere in elections. They are doing this as they fear losing," Stalin told media today.&nbsp;</p>

<p>Meanwhile, the Madras High Court earlier in the day dismissed a plea to prevent DMK's candidates Kanimozhi and Kathir Anand from fighting the Lok Sabha polls for allegedly violating the Model Code Conduct.</p>

<p>A bench of justices S Manikumar and Subramonium Prasad dismissed the plea after the Election Commission told the court that the two have been booked for allegedly resorting to electoral malpractices, news agency PTI reported.</p>

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<p dir="ltr" lang="en">MK Stalin on IT raids on Kanimozhi: Crores and crores of rupees are kept in Tamilisai Soundararajan's(BJP TN Chief) residence, why no raids there? Modi is using IT,CBI,Judiciary and now EC to interfere in elections.They are doing this as they fear losing <a href="https://t.co/31Q7Lalf5M">pic.twitter.com/31Q7Lalf5M</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1118192756734615552?ref_src=twsrc%5Etfw">April 16, 2019</a></blockquote>
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<p>As the plea came up for hearing before the bench, the poll panel counsel Niranjan Rajagopalan told the judges that FIRs have been filed against both the candidates on complaints of violation of the code.</p>

<p>Tamil Nadu is set to go to general polls this Thursday.</p>

<p>Kanimozhi is the DMK candidate from Tuticorin, while Anand was set to contest from <a href="https://www.wionews.com/india-news/elections-commission-calls-off-polls-in-tamil-nadus-vellore-over-cash-haul-210961">Vellore</a>. However, the Election Commission has cancelled Lok Sabha polls in Vellore citing seizure of huge cash from an associate of a DMK leader recently.&nbsp;</p>

<p>Petitioner V Abdullah Sait of Ramanathapuram had urged the court to direct the EC to initiate action against Kanimozhi and Anand. He had also sought the court's directive to the poll panel to bar the duo from contesting the polls.</p>

<p>Sait alleged in his petition that Kanimozhi had been 'clandestinely' distributing cash to voters during campaigning and police have booked a case against DMK members in this regard.</p>

<p>Last month, the Income Tax department and Election Commission officials had raided DMK treasurer Durai Murugan's residence in Vellore, and reportedly seized a large amount of unaccounted cash.</p>

<p>(<em>With inputs from PTI)</em></p>

<p><br />
&nbsp;</p>


The Income Tax department on Tuesday carried out raids at a house where DMK candidate Kanimozhi is staying in Tamil Nadu's Thoothukudi. Official sources indicated that the searches were held following "some inputs," but they did not elaborate.

The Income Tax department on Tuesday carried out raids at a house where DMK candidate Kanimozhi is staying in Tamil Nadu's Thoothukudi. Official sources indicated that the searches were held following "some inputs," but they did not elaborate. Income Tax officials were also "assisting," the local poll officials, they told PTI. The outcome of the searches were not known immediately. DMK workers and supporters protested the incident while DMK chief MK Stalin blamed the centre, crying foul. "Crores and crores of rupees are kept in Tamilisai Soundararajan's (BJP TN chief) residence, why no raids there? Modi is using IT, CBI, judiciary and now EC to interfere in elections. They are doing this as they fear losing," Stalin told media today. Meanwhile, the Madras High Court earlier in the day dismissed a plea to prevent DMK's candidates Kanimozhi and Kathir Anand from fighting the Lok Sabha polls for allegedly violating the Model Code Conduct. A bench of justices S Manikumar and Subramonium Prasad dismissed the plea after the Election Commission told the court that the two have been booked for allegedly resorting to electoral malpractices, news agency PTI reported. MK Stalin on IT raids on Kanimozhi: Crores and crores of rupees are kept in Tamilisai Soundararajan's(BJP TN Chief) residence, why no raids there? Modi is using IT,CBI,Judiciary and now EC to interfere in elections.They are doing this as they fear losing pic.twitter.com/31Q7Lalf5M — ANI (@ANI) April 16, 2019 × As the plea came up for hearing before the bench, the poll panel counsel Niranjan Rajagopalan told the judges that FIRs have been filed against both the candidates on complaints of violation of the code. Tamil Nadu is set to go to general polls this Thursday. Kanimozhi is the DMK candidate from Tuticorin, while Anand was set to contest from Vellore. However, the Election Commission has cancelled Lok Sabha polls in Vellore citing seizure of huge cash from an associate of a DMK leader recently. Petitioner V Abdullah Sait of Ramanathapuram had urged the court to direct the EC to initiate action against Kanimozhi and Anand. He had also sought the court's directive to the poll panel to bar the duo from contesting the polls. Sait alleged in his petition that Kanimozhi had been 'clandestinely' distributing cash to voters during campaigning and police have booked a case against DMK members in this regard. Last month, the Income Tax department and Election Commission officials had raided DMK treasurer Durai Murugan's residence in Vellore, and reportedly seized a large amount of unaccounted cash. (With inputs from PTI)

Just 2 days before Lok Sabha polls, Income Tax department raids DMK leader Kanimozhi's house

<p>The Supreme Court Tuesday sought responses from Congress leader P Chidambaram's wife Nalini and son Karti on an appeal of the Income Tax department against the Madras High Court order quashing criminal prosecution against them in an alleged black money case.</p>

<p>A bench headed by the Chief Justice Ranjan Gogoi, while issuing notices to the two, made it clear that it will not stay the Madras High Court's 2018 order quashing criminal prosecution against the Chidambarams.</p>

<p>The issue relates to alleged non-disclosure of overseas assets and bank accounts held by Chidambaram's wife, son Karti and daughter-in-law Srinidhi.&nbsp;</p>

<p>According to the I-T Department, the three had not disclosed a property they jointly owned in Cambridge in the UK worth Rs 5.37 crore in their returns which amounted to an offence under the Black Money (Undisclosed Foreign Income and Assets) Act and Imposition of Tax Act.</p>

<p>The Madras High Court on November 2 last year had said no case was made out and quashed the criminal prosecution.</p>

<p>Family members of the former union minister had filed writ petitions challenging the criminal prosecution.</p>

<p>The department has also alleged that Karti Chidambaram had not disclosed an overseas bank account he holds with Metro Bank in the UK and investments he had made in Nano Holdings LLC, USA.</p>

<p>He had also "failed" to disclose investments made by Chess Global Advisory, a company co-owned by him, which amounted to committing an offence under the Black Money Act, the department had said in its complaint in the special court in May last year.&nbsp;</p>


The Supreme Court Tuesday sought responses from Congress leader P Chidambaram's wife Nalini and son Karti on an appeal of the Income Tax department against the Madras High Court order quashing criminal prosecution against them in an alleged black money case.

The Supreme Court Tuesday sought responses from Congress leader P Chidambaram's wife Nalini and son Karti on an appeal of the Income Tax department against the Madras High Court order quashing criminal prosecution against them in an alleged black money case. A bench headed by the Chief Justice Ranjan Gogoi, while issuing notices to the two, made it clear that it will not stay the Madras High Court's 2018 order quashing criminal prosecution against the Chidambarams. The issue relates to alleged non-disclosure of overseas assets and bank accounts held by Chidambaram's wife, son Karti and daughter-in-law Srinidhi. According to the I-T Department, the three had not disclosed a property they jointly owned in Cambridge in the UK worth Rs 5.37 crore in their returns which amounted to an offence under the Black Money (Undisclosed Foreign Income and Assets) Act and Imposition of Tax Act. The Madras High Court on November 2 last year had said no case was made out and quashed the criminal prosecution. Family members of the former union minister had filed writ petitions challenging the criminal prosecution. The department has also alleged that Karti Chidambaram had not disclosed an overseas bank account he holds with Metro Bank in the UK and investments he had made in Nano Holdings LLC, USA. He had also "failed" to disclose investments made by Chess Global Advisory, a company co-owned by him, which amounted to committing an offence under the Black Money Act, the department had said in its complaint in the special court in May last year.

Supreme Court seeks response from P Chidambaram's wife, son Karti on IT department plea

<p>The Income Tax (IT) department has found evidence of inflated expenditure by Jet Airways in their survey carried out at the airline's Mumbai and Delhi offices.</p>

<p>The Mumbai Directorate of Income-Tax investigation wing had conducted the survey at four business premises of Jet Airways in the two cities.</p>

<p>A senior Income Tax official privy to the development told ANI: "We had found evidence of very high inflated expenditure bills during the survey. Jet Airways had shown too much expenditure while filling their returns to reduce the profitability of the company."</p>

<p>Following this, the IT department is verifying all the records to dig out information about the alleged financial irregularities and suspicious transactions of the Naresh Goyal-controlled Jet Airways.</p>

<p>According to sources, the IT officials are scrutinising the airline's records for the last four years to find out if there has been any syphoning of funds, and to also look at the issue of suspicious bogus expenses booked to group entities, if any.</p>

<p>The official revealed that the department decided to conduct the survey after Jet Airways deferred its quarterly result.</p>

<p>On September 19, the IT department had conducted a survey of Jet Airways for verification of its expenses.</p>

<p>The airlines have been in the spotlight since August 9, after it deferred its quarterly results amid differences with its auditors, leading to queries by stock exchanges and the market regulator.</p>

<p>The auditor did not modify its opinion and reiterated that the airline's future was dependent on raising capital and generating sustainable cash flows. Last month, Jet Airways had said that it would seek capital infusion and sell a stake in its loyalty programme, after reporting a net loss of Rs 13.26 billion in the April-June quarter of 2018-19.</p>


The Income Tax (IT) department has found evidence of inflated expenditure by Jet Airways in their survey carried out at the airline's Mumbai and Delhi offices. The Mumbai Directorate of Income-Tax investigation wing had conducted the survey at four business premises of Jet Airways in the two cities.

The Income Tax (IT) department has found evidence of inflated expenditure by Jet Airways in their survey carried out at the airline's Mumbai and Delhi offices. The Mumbai Directorate of Income-Tax investigation wing had conducted the survey at four business premises of Jet Airways in the two cities. A senior Income Tax official privy to the development told ANI: "We had found evidence of very high inflated expenditure bills during the survey. Jet Airways had shown too much expenditure while filling their returns to reduce the profitability of the company." Following this, the IT department is verifying all the records to dig out information about the alleged financial irregularities and suspicious transactions of the Naresh Goyal-controlled Jet Airways. According to sources, the IT officials are scrutinising the airline's records for the last four years to find out if there has been any syphoning of funds, and to also look at the issue of suspicious bogus expenses booked to group entities, if any. The official revealed that the department decided to conduct the survey after Jet Airways deferred its quarterly result. On September 19, the IT department had conducted a survey of Jet Airways for verification of its expenses. The airlines have been in the spotlight since August 9, after it deferred its quarterly results amid differences with its auditors, leading to queries by stock exchanges and the market regulator. The auditor did not modify its opinion and reiterated that the airline's future was dependent on raising capital and generating sustainable cash flows. Last month, Jet Airways had said that it would seek capital infusion and sell a stake in its loyalty programme, after reporting a net loss of Rs 13.26 billion in the April-June quarter of 2018-19.

IT department finds evidence of inflated expenditure by Jet Airways

<p>The Income Tax Department has filed a total of 18 prosecution cases against Rotomac Global (P) Ltd under various sections of the IT Act, 1961. The income tax department on Friday attached 12 more bank accounts of the Rotomac group in addition to the 14 bank accounts attached earlier, IT sources said. Six prosecutions have been sanctioned against Rotomac Pens owner, Vikram Kothari, ANI quoted IT sources as saying.</p>

<p>Rotomac Pens owner Vikram Kothari and his son Rahul were on Saturday sent to 11 days CBI remand by a special CBI Court in Lucknow.</p>

<p>On Friday, a Delhi court sent the Rotomac owner and his son to Lucknow on a one-day transit remand on a plea by the Central Bureau of Investigation (CBI).</p>

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<p dir="ltr" lang="en">Total 18 prosecution cases have been filed against Rotomac Group in bank fraud case as 6 prosecution cases were filed on 24th February. Income Tax Department had also attached 3 more bank accounts of the Group: Income Tax Department</p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/968489387909615616?ref_src=twsrc%5Etfw">February 27, 2018</a></blockquote>
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<p>Vikram Kothari and Rahul Kothari were arrested on February 22 in connection with the Rs 3,695-crore loan default case.</p>

<p>According to the CBI FIR (First Information Report), a consortium of seven banks had extended loans worth Rs 2,919 crore to Rotomac Global Pvt Limited from 2008.</p>

<p>The amount increased to Rs 3,695 crore, including the accrued interest, because of repeated defaults on payment, the agency said.</p>

<p>The CBI had filed the case against Vikram, his wife Sadhana and Rahul, and unidentified bank officials.</p>

<p><em>(With inputs from ANI)&nbsp;</em></p>


On Friday, a Delhi court sent the Rotomac owner and his son to Lucknow on a one-day transit remand

The Income Tax Department has filed a total of 18 prosecution cases against Rotomac Global (P) Ltd under various sections of the IT Act, 1961. The income tax department on Friday attached 12 more bank accounts of the Rotomac group in addition to the 14 bank accounts attached earlier, IT sources said. Six prosecutions have been sanctioned against Rotomac Pens owner, Vikram Kothari, ANI quoted IT sources as saying. Rotomac Pens owner Vikram Kothari and his son Rahul were on Saturday sent to 11 days CBI remand by a special CBI Court in Lucknow. On Friday, a Delhi court sent the Rotomac owner and his son to Lucknow on a one-day transit remand on a plea by the Central Bureau of Investigation (CBI). Total 18 prosecution cases have been filed against Rotomac Group in bank fraud case as 6 prosecution cases were filed on 24th February. Income Tax Department had also attached 3 more bank accounts of the Group: Income Tax Department — ANI (@ANI) February 27, 2018 × Vikram Kothari and Rahul Kothari were arrested on February 22 in connection with the Rs 3,695-crore loan default case. According to the CBI FIR (First Information Report), a consortium of seven banks had extended loans worth Rs 2,919 crore to Rotomac Global Pvt Limited from 2008. The amount increased to Rs 3,695 crore, including the accrued interest, because of repeated defaults on payment, the agency said. The CBI had filed the case against Vikram, his wife Sadhana and Rahul, and unidentified bank officials. (With inputs from ANI)

Rotomac case: IT department files total 18 prosecution cases against Rotomac Group

<p>The Central Bureau of Investigation has arrested the owner of Rotomac Pens, Vikram Kothari, and his son Rahul Kothari. The duo has been booked in connection with a loan default of nearly Rs 3,700 crore taken from seven public sector banks.</p>

<p>The principal loan amount is around Rs 2919 crore. Kothari owes Rs 754.77 crore to the Bank of India, Rs 456.63 crore to the Bank of Baroda, Rs 771.07 crore to the Indian Overseas Bank, Rs 458.95 crore to the Union Bank of India, Rs 330.68 crore to the Allahabad Bank, Rs 49.82 crore to the Bank of Maharashtra and Rs 97.47 crore to the Oriental Bank of Commerce.</p>

<p>Four properties of the Rotomac Group were attached by the IT department on Wednesday in Kanpur and Ahmedabad. The CBI conducted multiple raids on Monday.</p>

<p>According to the CBI, the company allegedly used two modus operandi for syphoning off the loans secured from a consortium of banks&nbsp;2008 onwards.</p>

<p>On Tuesday, the <a href="http://www.wionews.com/india-news/cbi-questions-rotomac-owner-vikram-kothari-freezes-14-bank-accounts-33505">IT department attached 14 bank accounts </a>of Rotomac.&nbsp;</p>

<p>The CBI had registered a criminal case against Rotomac, its Director Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari and unidentified bank officials on a complaint received from Bank of Baroda and conducted raids against them on Monday.&nbsp;</p>


Four properties of the Rotomac Group were attached by the IT department on Wednesday

The Central Bureau of Investigation has arrested the owner of Rotomac Pens, Vikram Kothari, and his son Rahul Kothari. The duo has been booked in connection with a loan default of nearly Rs 3,700 crore taken from seven public sector banks. The principal loan amount is around Rs 2919 crore. Kothari owes Rs 754.77 crore to the Bank of India, Rs 456.63 crore to the Bank of Baroda, Rs 771.07 crore to the Indian Overseas Bank, Rs 458.95 crore to the Union Bank of India, Rs 330.68 crore to the Allahabad Bank, Rs 49.82 crore to the Bank of Maharashtra and Rs 97.47 crore to the Oriental Bank of Commerce. Four properties of the Rotomac Group were attached by the IT department on Wednesday in Kanpur and Ahmedabad. The CBI conducted multiple raids on Monday. According to the CBI, the company allegedly used two modus operandi for syphoning off the loans secured from a consortium of banks 2008 onwards. On Tuesday, the IT department attached 14 bank accounts of Rotomac. The CBI had registered a criminal case against Rotomac, its Director Vikram Kothari, his wife Sadhana Kothari and son Rahul Kothari and unidentified bank officials on a complaint received from Bank of Baroda and conducted raids against them on Monday.

Rotomac bank fraud: CBI arrests Vikram Kothari and his son

<p>The Information &amp; Technology Department today shared details about the number of mobile phones and bank accounts already merged with the 12-digit unique identification number (UDAI).</p>

<p>According to the IT department, close to 71.24 crore mobile numbers - both new connections and existing - and 82 crore bank accounts have been linked to the biometric identifier, the Rajya Sabha was informed today.</p>

<p>&quot;Linking of Aadhaar with personal bank accounts is being done based on the amendments that have been effected in the Prevention of Money Laundering Rules 2005. Linking of Aadhaar with the mobile number has been effected in pursuance of... Supreme Court order dated February 6, 2017,&quot; minister for electronics and IT, Ravi Shankar Prasad noted earlier today.</p>

<p>The Aadhaar based re-verification of existing mobile subscribers is expected to be carried out by telecom services by March 31, 2018, Prasad noted in a statement dated December 22, 2017.</p>

<p>Meanwhile,&nbsp;Facebook recently confirmed testing <a href="http://www.wionews.com/india-news/aadhar-prompt-test-facebook-says-its-not-mandatory-27883">Aadhaar authentication for new users</a>.</p>

<p>The social media giant confirmed it as a part of a small test to curb fake accounts.</p>

<p><em>(With inputs from PTI)</em></p>


82 crore bank accounts have been linked to Aadhaar, noted IT minister, Ravi Shankar Prasad

The Information & Technology Department today shared details about the number of mobile phones and bank accounts already merged with the 12-digit unique identification number (UDAI). According to the IT department, close to 71.24 crore mobile numbers - both new connections and existing - and 82 crore bank accounts have been linked to the biometric identifier, the Rajya Sabha was informed today. "Linking of Aadhaar with personal bank accounts is being done based on the amendments that have been effected in the Prevention of Money Laundering Rules 2005. Linking of Aadhaar with the mobile number has been effected in pursuance of... Supreme Court order dated February 6, 2017," minister for electronics and IT, Ravi Shankar Prasad noted earlier today. The Aadhaar based re-verification of existing mobile subscribers is expected to be carried out by telecom services by March 31, 2018, Prasad noted in a statement dated December 22, 2017. Meanwhile, Facebook recently confirmed testing Aadhaar authentication for new users. The social media giant confirmed it as a part of a small test to curb fake accounts. (With inputs from PTI)

71.24 crore mobile connections linked with Aadhaar, Ravi Shankar Prasad

<p>Bitcoin value crashed by over 10% on Wednesday to touch $15,800 at a cryptocurrency exchange Bitstamp.</p>

<p>&quot;It has since pared some of the losses and is down about 7 per cent in early trade,&quot; noted a Reuters report.</p>

<p>The recent Bitcoin surge overwhelmed investors and financial experts all across the world as the digital currency touched an all-time high soaring at about $19,666 on Sunday, its value has been sliding ever since.&nbsp;</p>

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<p>With fin-tech on the rise around the world, there is an increasing focus on cryptocurrencies, such as Bitcoin. But how do these currencies operate and how are they managed? (WION)</p>
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<p>Meanwhile, in India, <a href="http://www.wionews.com/business-economy/i-t-dept-conducts-surveys-at-bitcoin-exchanges-country-wide-26625">the IT department</a> has been clamping down on Bitcoin trading, it recently announced to issue notices to 4 to 5 lakh high net-worth individuals (HNI) across the country trading in Bitcoin.</p>

<p>South Korea recently banned its banks from dealing in Bitcoin transactions, the country accounts for nearly 20% of global Bitcoin transactions.</p>

<p><em>(With inputs from Reuters)</em></p>


South Korea recently banned its banks from dealing in Bitcoin transactions

Bitcoin value crashed by over 10% on Wednesday to touch $15,800 at a cryptocurrency exchange Bitstamp. "It has since pared some of the losses and is down about 7 per cent in early trade," noted a Reuters report. The recent Bitcoin surge overwhelmed investors and financial experts all across the world as the digital currency touched an all-time high soaring at about $19,666 on Sunday, its value has been sliding ever since. With fin-tech on the rise around the world, there is an increasing focus on cryptocurrencies, such as Bitcoin. But how do these currencies operate and how are they managed? (WION) × Meanwhile, in India, the IT department has been clamping down on Bitcoin trading, it recently announced to issue notices to 4 to 5 lakh high net-worth individuals (HNI) across the country trading in Bitcoin. South Korea recently banned its banks from dealing in Bitcoin transactions, the country accounts for nearly 20% of global Bitcoin transactions. (With inputs from Reuters)

Bitcoin crashes over 10 per cent on Bitstamp

<p>Tamil Nadu Chief Minister Edappadi K Palaniswami on Saturday held Sasikala and members of her family responsible for the Income Tax raids at Poes Garden. &nbsp;</p>

<p>Speaking to reporters in Madurai, the Tamil Nadu Chief Minister said Sasikala and her family members have brought &#39;bad name to the party&#39;.</p>

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<p dir="ltr" lang="en">It is the wrong doing of a family (Sasikala) which has brought bad name for the party and that is why IT raids are happening.: Tamil Nadu Chief Minister Edappadi Palaniswami in Madurai <a href="https://t.co/vfRY9TFCAe">pic.twitter.com/vfRY9TFCAe</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/931910113585020928?ref_src=twsrc%5Etfw">November 18, 2017</a></blockquote>
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<p>&quot;During I-T raids in Poes Garden, Amma&#39;s room was not searched. There is no connection between the IT raids in Poes Garden &amp; state government. Raids are conducted by the IT dept which is under Centre,&quot; the reports said quoting Palaniswami.&nbsp;</p>

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<p dir="ltr" lang="en">During IT raids in Poes Garden, Amma&#39;s room was not searched. There is no connection between the IT raids in Poes Garden &amp; state govt. Raids are conducted by the IT dept which is under Centre.: Tamil Nadu Chief Minister Edappadi Palaniswami in Madurai <a href="https://t.co/Kt4sqHq0te">pic.twitter.com/Kt4sqHq0te</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/931910657196228608?ref_src=twsrc%5Etfw">November 18, 2017</a></blockquote>
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<p>Responding to TTV Dhinakaran&#39;s charge that he did not express his opposition to the IT raids, the CM asked&nbsp;&quot;Who is TTV Dhinakaran? He was not in the party for past 10 yrs, only after Amma&#39;s death, he has to come to the fore. He did not make me CM. It is my step by step contribution to the party that I became CM, all MLAs elected me,&quot; he added.</p>

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<p dir="ltr" lang="en">Who is TTV Dhinakaran? He was not in party for past 10 yrs, only after Amma&#39;s death he has to come to the fore. He did not make me CM. It is my step by step contribution to the party that I became CM, all MLAs elected me.: Tamil Nadu Chief Minister Edappadi Palaniswami in Madurai <a href="https://t.co/uB3wpHWvDU">pic.twitter.com/uB3wpHWvDU</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/931911306268966912?ref_src=twsrc%5Etfw">November 18, 2017</a></blockquote>
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<p>A few days after conducting raids for almost a week at different&nbsp;places owned by&nbsp;jailed AIADMK general secretary VK Sasikala and her relatives, the IT department officials arrived at former Tamil Nadu CM J Jayalalithaa&#39;s Poes Garden house in Chennai and conducted a search. During the search, the Income Tax officials said to have seized two pen drives and two laptops.&nbsp;</p>

<p>The officials conducted a thorough search in the two rooms used by Sasikala and a room used by her personal secretary S Poongundran.&nbsp;</p>

<p>The Madras High Court on Friday upheld the CBI court order convicting son-in-law and daughter of jailed AIADMK leader VK Sasikala&#39;s sister in a <a href="http://www.wionews.com/india-news/it-raid-on-sasikala-and-kins-reveals-rs-1430-crore-unaccounted-for-investments-24174">Rs.1400 crore</a>&nbsp;disproportionate assets (DA) case registered two decades ago.</p>


The Madras High Court on Friday upheld a CBI court order convicting son-in-law and daughter of jailed AIADMK leader VK Sasikala's sister in a Rs.1400 crore disproportionate assets (DA) case registered two decades ago.

Tamil Nadu Chief Minister Edappadi K Palaniswami on Saturday held Sasikala and members of her family responsible for the Income Tax raids at Poes Garden. Speaking to reporters in Madurai, the Tamil Nadu Chief Minister said Sasikala and her family members have brought 'bad name to the party'. It is the wrong doing of a family (Sasikala) which has brought bad name for the party and that is why IT raids are happening.: Tamil Nadu Chief Minister Edappadi Palaniswami in Madurai pic.twitter.com/vfRY9TFCAe — ANI (@ANI) November 18, 2017 × "During I-T raids in Poes Garden, Amma's room was not searched. There is no connection between the IT raids in Poes Garden & state government. Raids are conducted by the IT dept which is under Centre," the reports said quoting Palaniswami. During IT raids in Poes Garden, Amma's room was not searched. There is no connection between the IT raids in Poes Garden & state govt. Raids are conducted by the IT dept which is under Centre.: Tamil Nadu Chief Minister Edappadi Palaniswami in Madurai pic.twitter.com/Kt4sqHq0te — ANI (@ANI) November 18, 2017 × Responding to TTV Dhinakaran's charge that he did not express his opposition to the IT raids, the CM asked "Who is TTV Dhinakaran? He was not in the party for past 10 yrs, only after Amma's death, he has to come to the fore. He did not make me CM. It is my step by step contribution to the party that I became CM, all MLAs elected me," he added. Who is TTV Dhinakaran? He was not in party for past 10 yrs, only after Amma's death he has to come to the fore. He did not make me CM. It is my step by step contribution to the party that I became CM, all MLAs elected me.: Tamil Nadu Chief Minister Edappadi Palaniswami in Madurai pic.twitter.com/uB3wpHWvDU — ANI (@ANI) November 18, 2017 × A few days after conducting raids for almost a week at different places owned by jailed AIADMK general secretary VK Sasikala and her relatives, the IT department officials arrived at former Tamil Nadu CM J Jayalalithaa's Poes Garden house in Chennai and conducted a search. During the search, the Income Tax officials said to have seized two pen drives and two laptops. The officials conducted a thorough search in the two rooms used by Sasikala and a room used by her personal secretary S Poongundran. The Madras High Court on Friday upheld the CBI court order convicting son-in-law and daughter of jailed AIADMK leader VK Sasikala's sister in a Rs.1400 crore disproportionate assets (DA) case registered two decades ago.

Sasikala has brought 'bad name to the party', says Tamil Nadu CM

<p>Initiating a stringent action against black money holders post notes ban, India&#39;s Income Tax department said it has issued 87 notices and has frozen bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum seven&nbsp;years.</p>

<p>Post the demonetisation order of the government on November 8 last year, the department had carried out public advertisements and had warned people against depositing their unaccounted old currency in someone else&#39;s bank account saying such an act would attract criminal charges under the Benami Property Transactions Act, 1988, applicable on both movable and immovable property, that has been enforced from November 1, 2016.</p>

<p>&quot;After in-depth investigations, the I-T department has issued 87 notices under section 24 of the said Act (notice and attachment of property involved in benami transaction). A total of 42 properties, largely money worth crores in bank accounts and an immovable property&nbsp;of benamidars have been attached,&quot; officials said citing an analysis report.</p>

<p>The I-T department is the nodal department to enforce the said act in India. They said the taxman has issued numerous summons under the Benami Transactions Act and is in the process of issuing more.</p>

<p>The decision, they said, to slap the stringent provisions of the Benami Transactions Act was taken after analysing serious cases where the illegalities were blatant and suspect cash was deposited in either benami accounts or Jan Dhan or dormant accounts.</p>

<p>The taxman had initiated a nationwide operation to identify suspect bank accounts where huge cash deposits have been made post-November 8 when the government demonetised the Rs 500 and Rs 1000 currency notes.</p>

<p>Officials said the act empowers the taxman to confiscate and prosecute both the depositor and the person whose illegal money he or she has &quot;adjusted&quot; in their account.</p>

<p>&quot;Such an arrangement where a person deposits old currency of Rs 500 and Rs 1000 in the bank account of another person with an understanding that the account holder shall return his money in new currency, the transaction shall be regarded as benami transaction under the said act.</p>

<p>&quot;The person who deposits old currency in the bank account shall be treated as beneficial owner and the person in whose bank account the old currency has been deposited shall be categorised under this law as a benamidar,&quot; a senior official had explained earlier.&nbsp;</p>

<p>(PTI)</p>


The taxman had initiated a nationwide operation to identify suspect bank accounts where huge cash deposits were made after November 8.

Initiating a stringent action against black money holders post notes ban, India's Income Tax department said it has issued 87 notices and has frozen bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum seven years. Post the demonetisation order of the government on November 8 last year, the department had carried out public advertisements and had warned people against depositing their unaccounted old currency in someone else's bank account saying such an act would attract criminal charges under the Benami Property Transactions Act, 1988, applicable on both movable and immovable property, that has been enforced from November 1, 2016. "After in-depth investigations, the I-T department has issued 87 notices under section 24 of the said Act (notice and attachment of property involved in benami transaction). A total of 42 properties, largely money worth crores in bank accounts and an immovable property of benamidars have been attached," officials said citing an analysis report. The I-T department is the nodal department to enforce the said act in India. They said the taxman has issued numerous summons under the Benami Transactions Act and is in the process of issuing more. The decision, they said, to slap the stringent provisions of the Benami Transactions Act was taken after analysing serious cases where the illegalities were blatant and suspect cash was deposited in either benami accounts or Jan Dhan or dormant accounts. The taxman had initiated a nationwide operation to identify suspect bank accounts where huge cash deposits have been made post-November 8 when the government demonetised the Rs 500 and Rs 1000 currency notes. Officials said the act empowers the taxman to confiscate and prosecute both the depositor and the person whose illegal money he or she has "adjusted" in their account. "Such an arrangement where a person deposits old currency of Rs 500 and Rs 1000 in the bank account of another person with an understanding that the account holder shall return his money in new currency, the transaction shall be regarded as benami transaction under the said act. "The person who deposits old currency in the bank account shall be treated as beneficial owner and the person in whose bank account the old currency has been deposited shall be categorised under this law as a benamidar," a senior official had explained earlier. (PTI)

Post-demonetisation, IT department issues 87 notices, freezes bank accounts

<p>India&#39;s Income Tax (IT) department has summoned Tata Trusts to explain the misuse of tax exemption granted to the trusts for charitable purposes, reported Indian business daily, Business Standard.</p>

<p>A Comptroller and Auditor General (CAG) report of 2013 had stated that the trusts are earning huge profit instead of using it for charitable purposes. The IT department has thus asked the executive trustee of Tata trusts, R Venkataramanan, to give it an explanation on Friday evening in Mumbai.</p>

<p>The trusts headed by Ratan Tata are using surplus funds for creating fixed assets or are transferred to other trusts to avoid tax, the CAG alleged. Its audit stated that the 22 trusts under scrutiny have accumulated surpluses to the tune of Rs 819 crore.</p>

<p>The CAG also accused the IT department for allowing irregular exemptions to Jamshetji Tata Trust and Navajbai Ratan Tata Trust.</p>

<p>The Business Standard report said that the Jamshetji Tata Trust and Navajbai Ratan Tata Trust earned Rs 1,905 crore and Rs 1,234 crore from capital gains during 2009 and 2010, respectively, as stated by CAG.</p>

<p>They invested this amount in prohibited mode of investments, which is in contravention to the provisions of Section 13(1)(d) of the Income Tax Act, the business daily reported.</p>

<p>The summons for Friday are part of the promise made by India&#39;s ministry of finance to take action.</p>

<p>(WION with inputs from agencies)</p>


A Comptroller and Auditor General report of 2013 had stated that the trusts are earning huge profit instead of using it for charity

India's Income Tax (IT) department has summoned Tata Trusts to explain the misuse of tax exemption granted to the trusts for charitable purposes, reported Indian business daily, Business Standard. A Comptroller and Auditor General (CAG) report of 2013 had stated that the trusts are earning huge profit instead of using it for charitable purposes. The IT department has thus asked the executive trustee of Tata trusts, R Venkataramanan, to give it an explanation on Friday evening in Mumbai. The trusts headed by Ratan Tata are using surplus funds for creating fixed assets or are transferred to other trusts to avoid tax, the CAG alleged. Its audit stated that the 22 trusts under scrutiny have accumulated surpluses to the tune of Rs 819 crore. The CAG also accused the IT department for allowing irregular exemptions to Jamshetji Tata Trust and Navajbai Ratan Tata Trust. The Business Standard report said that the Jamshetji Tata Trust and Navajbai Ratan Tata Trust earned Rs 1,905 crore and Rs 1,234 crore from capital gains during 2009 and 2010, respectively, as stated by CAG. They invested this amount in prohibited mode of investments, which is in contravention to the provisions of Section 13(1)(d) of the Income Tax Act, the business daily reported. The summons for Friday are part of the promise made by India's ministry of finance to take action. (WION with inputs from agencies)

Tata Trusts get summons from India's income tax department

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