Uttar Pradesh: Income Tax raids recover Rs 150 cr from businessman who launched Samajwadi Party's perfume

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Uttar Pradesh: Income Tax raids recover Rs 150 cr from businessman who launched Samajwadi Party’s perfume

Soon after cash worth Rs 150 crore was reportedly found during the raids., the BJP leaders started attacking Akhilesh Yadav.

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December 24, 2021 12:48 IST
Uttar Pradesh: Income Tax raids recover Rs 150 cr from businessman who launched Samajwadi Party’s perfume
Uttar Pradesh: Income Tax raids recover Rs 150 cr from businessman who launched Samajwadi Party’s perfume

New Delhi: Tax evasion worth crores of rupees has been detected during Income Tax raids on two businessmen in the city. The I-T raid was underway at the house, factory, office, cold store and petrol pump of perfume trader Piyush Jain in Kanpur, Kannauj, Mumbai and Gujarat.

The income tax raid was conducted at Piyush Jain’s property, who is close to Akhilesh Yadav. He had also launched Samajwadi Party perfume, branded as ‘Samajwadi Attar’ in November.

The raid was conducted by the officers of the Directorate General of GST Intelligence (DGGI) only after specific intelligence inputs.

Vivek Johri, the Chairman of Central Board of Indirect Taxes and Customs (CBIC) on Friday said that the cash recovery of approximately Rs 150 crores from searches in Kanpur at several locations related to Trimurti Fragrance is the “biggest haul ever”.

The teams of CBIC are currently at various premises of businessman Piyush Jain counting cash.

Soon after cash worth Rs 150 crore was reportedly found during the raids., the BJP leaders started attacking Akhilesh Yadav.

“DGGI Ahemdabad team started searches on the manufacturer of Pan Masala and their supplier. A transporter and a fragrance company of Unnao were also searched as they were providers of fragrance to the pan masala company,” he added.

Johri also said that one of the parties involved has accepted the case of tax evasion and has deposited Rs 3 crore for the same.

“No arrest has been made yet,” he added.

As per the GST law, if the invoice is more than a certain limit, then it is necessary to generate invoices.

During searches, DGGI found an item on which the Goods and Services Tax (GST) tax rate was 28 per cent plus cess, Johri informed.

“The probe further revealed that these people were dispatching material without any invoice and e-way bills. Two-three parties are involved in this. All the invoices we found were fake. Value of the item suppressed,” Johri added.

“A case of fake invoicing and fake credit has been reported…Those involved were dispatching material without any invoice and e-way bills. All the invoices we found were fake. Value of the item suppressed,” he informed.

The CBIC Chairman also informed that counting of the seized cash is underway.

 

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