On Mega Cash Haul From UP Trader, Taxmen Reject "Speculative" Reports
NDTV
UP businessman Piyush Jain was arrested on tax evasion charges after officials recovered Rs 197.49 crore cash, 23 kg of gold and other assets from his home and factory
The Directorate General of GST Intelligence on Thursday refuted rumours about its proposed handling of the Rs 197.49 crore cash and 23 kg of gold (worth an estimated Rs 11 crore) recovered last week during tax raids on Uttar Pradesh businessman Piyush Jain.
The DGGI said reports it plans to treat the seized cash and assets as the turnovers of Mr Jain's perfumery compounds manufacturing unit were "purely speculative, without any basis and seek to undermine the integrity of the ongoing investigations..."
The DGGI also dismissed talk Mr Jain - who has been arrested for tax evasion and whose seized assets represent the Central Board of Indirect Taxes and Customs' "biggest every recovery" - would simply pay Rs 52 crore as "tax dues" and potentially walk away.
"... reports have appeared in certain sections of the media that DGGI has decided to treat the cash recovered as the turnover of the manufacturing unit and proposes to proceed accordingly. Some even stated that after admitting his liability, Piyush Jain has, with the approval of DGGI, deposited a total amount of Rs 52 crore as tax dues..." the DGGI statement said.
