INCOME TAX DEPARTMENT INVESTIGATES 400 CASES AND SEIZED RS.2000 CRORES – More cases are in the offing !!!


GOVERNMENT OF INDIA

MINISTRY OF FINANCE

Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016; More than Rs. 130 crore in cash and jewellery seized and approximately Rs. 2,000 crore of Undisclosed Income admitted by the taxpayers; IT Department refers large number of cases with serious irregularities detected Post De-monetization to Enforcement Directorate (ED) & CBI.

The Income Tax Department has carried-out swift investigations in more than 400 cases since the de-monetization of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016. More than Rs. 130 Crore in cash and jewellery has been seized and approximately Rs.2000 Crore of undisclosed income has been admitted by the taxpayers.

Detecting serious irregularities beyond the Income-tax Act, the CBDT decided to refer such cases to the ED and the CBI, enabling them to examine the criminal conduct for immediate necessary action. More than 30 such references have already been made to the ED, and are being sent to the CBI.

The Bengaluru Investigation Unit of the Income Tax Department has sent maximum references (18) to ED. These are cases where undisclosed cash in new high denomination notes was seized by the Department. The Mumbai unit has referred a case where Rs. 80 lakh in new high denomination currency notes were seized. Ludhiana Unit has referred 2 cases, where seizures of USD 14000 and Rs. 72 lakh in cash were made. Hyderabad, shared a case involving seizure of Rs. 95 lakhs cash from 5 persons travelling in a Tata Indica. Pune’s reference stems from a seizure of Rs. 20 lakhs cash, including 10 lakhs in new currency notes from an un-allotted locker of urban cooperative bank, the key of which was in the possession of the CEO of the bank. Two cases referred by the Bhopal unit are of jewelers against whom evidence of large scale pre-dating of bills and flouting of PAN reporting norms were detected during searches conducted. The cases referred from the Delhi unit include the Axis Bank, Kashmiri Gate in which complicity of officers of the bank in the malpractices was detected.

The concerted and coordinated enforcement action of the Income Tax Department, ED & CBI in detecting the malpractices and taking swift action is going to continue in the coming days.

A Reader`s View on the effects of Demonetisation on Real Estate Business


View of Mr.Suraj

Real estate business is logically the worst affected because this business was progressing fast only against highest use of black money, and have amassed huge unaccounted funds in bag fulls. There is a ray of hope that in a year or two this trade could revive at the fresh corrected market rates when even registration deed as also property taxes are eliminated all together, with the introduction of bank transactions tax. This could also see the removal of even income, sales, vat, excise, road and most of the taxes, the ultimate aim which Modi has embarked upon. The digitalisation of money transactions is one strong step in this direction. Huge unaccounted funds per rooms of bag fulls on 1,000 and 500 currency notes in party offices and leaders all around, having vanished and evaporated over night, the elections are going to be vastly cheaper giving rise to entry of honest citizens knowing there are going to be no wind falls, and country getting honest and rich dividends. Next possible step is to target properties purchased with high unaccounted funds as also benami properties, plots, kothis, & business partnerships, shares, mutual funds, diamonds, gold, jewelry by bureaucrats, Real Estate dealers, Chartered Accountants, and of course large bribe prone babus and officers in police, PH, PWD, Excise, Income Tax, Vat Taxations, Municipal Committees, Customs, RTI etc etc .This demonitisation is going to be wide scale manthan where most of the unaccounted funds players will feel the highest set back, many going to get free food and lodging in Jails all over India, so the restof the citizinery enjoy a stress free life..

JUDGEMENT RESERVED FOR AKRAMA


The High Court of Karnataka has concluded the hearing on the Amendment to KTCP Act and KMC Act, which propose to regularise the illegal and unauthorised construction, which was challenged and the amendment was stayed by the High Court of Karnataka, HAS RESERVED THE ORDERS.

 

BWSSB IS TAKING ACTION ON APARTMENTS WHICH HAVE MORE THAN 20 UNITS


BWSSB IS TAKING ACTION ON APARTMENTS WHICH HAVE MORE THAN 20 UNITS AND DOES NOT HAVE SEWAGE TREATMENT PLANTS and THE BESCOM MUST TAKE APPROPRIATE ACTION AGAINST THE ILLEGAL AND UNAUTHORISED BUILDINGS AND ITS OWNERS

    Over 3, 800 apartments, which have more than 20 dwelling units, have been penalized by BWSSB for not having installed STPs, which was mandated through a Government Order (GO) in January. The penalties cross Rs. 1.69 crore  and will continue each month until a functional STP is installed.

While the number of buildings may not drastically increase further — as officials are still verifying the number of dwelling units in smaller apartment complexes —

BWSSB has also started issuing notices to apartments where installed STPs are not functioning.

The fines complement the drives against houses (built after 2011 and on plots of 30 ft X 40 ft or above) which have not installed rainwater harvesting systems. Since July, around Rs. 70 lakh have been collected as fines from over 3,500 houses.

On January 19, in a gazette notification, the Department of Forest, Ecology ad Environment had noted the flow the raw sewage into storm water drains and lakes of the city, and had made mandatory reuse of sewage water at the source. BWSSB was to implement the order, while other civic agencies were to sanction projects only if STPs are part of the design plan.

However, since the penalising started, objections are pouring in from various apartment associations.

Some have stated and argued that The order is impractical. There is a constraint of space to build an STP which requires 20 ft X 50 ft space. How will you find this space in existing apartments? Moreover, the entire plumbing has to be redone to reuse the water. Financing STP and maintaining it is also a challenge.

In such a case, who will treat the sewage let out by these apartments and at whose cost?

In fact, Apartments have not been permitted to be constructed in sites measuring 20 feet X 30 feet or 30 feet X 40 feet or 40 feet X 60 feet and apartments are permitted in 50 feet X 80 feet with 1.75 FAR or 2.00 FAR allowing or permitting them to construct only 7,000 sft or 8,000 sft, where, 20 apartments cannot be constructed.  8 to 12 or 16 apartments of 1 bhk or 2 bhk can be built on 50 feet X 80 feet and there are over 24 apartments, discharging approximately about 12,000 litres of domestic sewage into communal drains, which are designed to take only 2,000 litres to 4,000 litres and the honest tax paying and law abiding citizens money is spent to treat or to facilitiate the sewerage fro the violators or illegal buildings.

Severe penal action must be initiated against all the illegal or unauthorized buildings to stop the sewage to be let out in communal sewage and illegal drawing of power from the bescom lines, which interrupt the supply to the legitimate building owners.

BESCOM, must also initiate measures to penalize the illegal and unauthorized buildings, for which the power connection is provided. The power connection is provided on the legitimate approved building plan and the actual construction is twice the approved plan, the illegal buildings or house owners draw more power from the BESCOM, thus disrupting the regular power supply.

 

DO NOT BUY PROPERTIES WHICH HAVE BENAMI TAG-EVEN IF HAS CHANGED MANY HANDS AND THE PRESENT OWNER IS CLEAN AND TITLES ARE CLEAR – A PRESS REPORT – AN ADVICE


A Press report on the purchase Benami Properties and its consequences.

Even though, the present seller may not be the original BENAMIDAR, but, if the property has tabs, tags, links, precedence, connection, transaction and illegalities, BENAMIDAR OR if it is a benami property, DO NOT BUY IT.

A Chartered Accountant during the course of a meeting advised the buyers that even if the property has changed several hands, it must not be BOUGHT or avoid any transaction with such groups or properties for the safety and security.  The banks on the otherhand, will sanction loans or approve the projects for any and every type of properties, but the buyers must beware.

Approval of projects or sanction of loans DOES NOT CONFER ANY RIGHT, TITLE AND INTEREST and it is issued with all and every sort of sundry condition and is issued at the insistence of the developer.  It is NOTHING BUT A MARKETING TRICK, to appease or trap the buyers.

A PRESS REPORT IN PRAJAVANI NEWSPAPER.

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