The I-T department’s various tax assessment wings will undertake the process of re-checking of I-T returns and issuing subsequent notices after a high-level probe by its investigation wing found `capital gains’ at the hands of some of the high-networth individuals
New Delhi: In a double whammy for investors who lost their money in the Rs400 crore Citibank Gurgaon scam as the Income Tax (I-T) department has initiated a re-assessment of tax returns of these people to ascertain whether the money invested was reflected in their annual returns.
The department’s various tax assessment wings will undertake the process of re-checking of I-T returns and issuing subsequent notices after a high-level probe by its investigation wing found `capital gains’ at the hands of some of the high-networth individuals (HNIs).
“The various I-T ranges where these HNIs are assessed will begin a fresh check on the tax returns. They may also be summoned for questioning and production of additional documents from the assessment year 2009-10,” a senior I-T official said.
A capital gain is a profit that results from investments into stocks, bonds or real estate and is taxable under special rates.
A Gurgaon court has recently framed charges against former Citibank relationship manager and alleged mastermind of the scam Shivraj Puri and various others.
Different I-T offices including one in Chandigarh were involved in the probe to ascertain the flow of money and check if taxes have been evaded by these individuals”by way of non-reporting the funds that they put in the `investment scheme’ or by Mr Puri who is alleged to have duped them.
Several depositors and HNIs were duped in the Rs460.91-crore fraud.
Mr Puri is said to have perpetrated the fraud by mobilising these funds in an unauthorised manner from customers and certain companies for the purpose of investing in stock market.
Mr Puri is also alleged to have fabricated a circular of the SEBI to lure people into investing into accounts held by his accomplices Premnath, Shiela Premnath and Deeksha Puri.
The fraud came to light after the bank looked into a query from a customer at Citibank’s Nehru Place branch here about its scheme offering high returns.
After discovering the fraud, the Citibank on 5 December 2010, filed a complaint with the Gurgaon police which is investigating the case.
The entities whose funds were diverted by Puri into the accounts of his relatives include Hero Corporate Services (Rs13.75 crore), OKS Sapan Tech (Rs2 crore) and Satyam Auto (Rs25 crore).
Also, Mayar Infratech (Rs24 crore), Spaid (Rs62 crore), Karopat Pad (Rs8 crore), Sunil Kant and Sons (Rs3 crore), Aero Infratec (Rs25 crore), Hero Exports (Rs97 crore), Rekha Munjal (Rs5 crore), Munjal Investments (Rs2.5 crore) and Munab Braej (Rs71 crore) fell prey to the scam.
