The Directorate General of GST Intelligence (DGGI) on Thursday was described as a “purely speculative” report, which stated that he had decided to treat ₹ 197.47 Crore Cash recovered from Uttar Pradesh Businessman Piyush Jain as a turnover of the manufacturing unit and it agreed with Mr. Deposition. Jain and complete the tax obligation as ₹ 52 crore.
DGGI clarified that the total amount of cash restored from residential areas and the factory has been stored as a property case in safe custody of the Indian state bank waiting for further investigation.
Tax officers recover cash, 23 kg of gold with foreign signs and raw materials for countless fragrances worth ₹ 6 crore from business and housing from Mr. Jain in Kanpur and Kannauj. TN. Jain, who deal with compounds for perfume, was arrested on December 26 for violations based on Part 132 of the CGST law. The local court returned it within 14 days of the court on December 27.
Media reports
DGGI, in a statement shared by U.P. The government, the report said that it has emerged in certain parts of the media that has been decided to treat restored cash as a turnover of manufacturing units and proposed to continue accordingly, and that some media reports even declare that after recognizing their responsibilities, Mr. Jain has, with his approval, depositing the total number of ₹ 52 crore as a tax obligation.
“There is no tax deposit made by M / S Odochem Industries of money seized to give up their tax obligations and their tax liabilities have not been determined,” observed.
“Voluntary submission” makes Mr. Jain is a lesson on ongoing investigations and every view of the source of cash confiscated and the right tax liabilities of the Odochem industry or other parties involved in the investigation will be taken on the basis of assessment. Evidences were collected from various places during searches and further investigative results, which were stated.