I-T to track investments made by Indians in other countries; Dubai is first target

coastaldigest.com news network

October 2, 2018

Mangaluru, Oct 2: The Intelligence and Criminal Investigation wing of The Income Tax will now track investments made by Indians in foreign countries too.

D K Mishra, Director (Administration) of the wing, who inaugurating the new office of the wing in the city on Monday, said that the Income Tax Department would launch a pilot project from this fiscal to track investments by Indians in Dubai.

“Dubai is our first target... A good number of people from Coastal Karnataka and Kerala invest in Dubai. We will study the investments made in Dubai. If it reveals significant results, the wing will extend the study to investments in other regions,” he said.

He also pointed out that Coastal Karnataka was the second most potential region after Bengaluru and enjoyed a high position in terms of the charter of revenue for the department.

Mishra said the wing was also looking at cases of evasion of tax by bogus investments. The wing was going ahead with prosecution in many cases of non compliance of income tax laws.

Terming the Intelligence and Criminal Investigation wing as the intelligence hub of the department, Mishra said with limited staff at their disposal, they were keeping a close watch on high value transactions including those made in real estate, mutual funds and in bank deposits. They are collecting information indirectly from offices of sub-registrars and other sources. The wing was collecting information of investments made by Indians abroad. It was looking at different avenues of tax evasion namely premature encashment of LIC policies. Such information was being collated, assimilated and verified before the process is initiated against instances of tax evasion, he said.

Of the 3.5 lakh tax assessments that were scrutinised last year, 60,000 were at the instance of the wing. Information given by the wing in 13,000 cases led to disclosure of about Rs. 20,000 crore of undisclosed income. Mr. Mishra said the wing was spreading its wings and expanding its reach by adapting technology. The staff of the wing was getting better infrastructure and facilities, he said.

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‘Have letter, next step is...’: MUDA on Siddaramaiah’s wife’s offer to return plots

News Network

October 1,2024

Mysuru: The Mysuru land authority at the centre of a financial and political storm - involving Chief Minister Siddaramaiah and alleged losses of ₹ 45 crore to the state - has received an offer of restitution from his wife, the urban development body's Commissioner, AN Raghunandan said.

"I am in possession of a letter written by Siddaramaiah's wife regarding her intention to return 14 plots (of land). The Chief Minister's son, Yatindra Siddaramaiah, came to our office and delivered the letter. We will take legal advice for the next step..." he told reporters in Mysuru.

Mr Raghunandan also confirmed anti-corruption officials from the city's Lokayukta branch had written seeking cooperation in its inquiry into the charges against the Chief Minister.

He said the Mysuru Urban Development Authority, or MUDA, "will cooperate with the investigation".

The Enforcement Directorate, however, have not reached out as yet, Mr Raghunandan said. The ED, a federal agency, has filed a money laundering case against Siddaramaiah.

There have also been calls for the CBI, another federal agency, to investigate charges against the Chief Minister, but that appears unlikely now given the Karnataka government has withdrawn general consent for its operations in the state. Law Minister HK Patil made the announcement last week.

He ruled out any link with demands for the Chief Minister to be investigated by the CBI, which reports to the BJP-led central government and the ruling Congress and other opposition parties have claimed is being used by that party to target rival leaders, particularly before elections.

On Monday - three days after the Lokayukta filed a case against the Chief Minister, and hours after the ED launched its probe- Siddaramaiah's wife said she had planned to give up the land earlier but was advised against it the allegations against her husband are "politically motivated".

But now, she said, she had made up her mind as "no house, plot, or wealth is more important than my husband's honor, dignity, and peace of mind". She also said the decision was hers alone; "... I am not aware of my husband's opinion on this matter, nor do I concern myself with what my son thinks".

And, in a comment seen as a calculated swipe at the opposition BJP, which is leading calls for the Chief Minister's resignation, his wife also made an emotional appeal to "all political parties and the media" to "please not drag women of political families into the controversy to settle political scores".

Investigative action against the Chief Minister follows the Karnataka High Court quashing a challenge to Governor Thawar Chand Gehlot's order sanctioning Siddaramaiah's prosecution.

Subsequently a trial court ordered framing of charges and directed the Lokayukta to complete the investigation within three months. The ED case was filed based on the Lokayukta FIR.

Siddaramaiah faces an inquiry into claims Parvathi was allotted 14 plots of land in an upmarket Mysuru area as compensation for land elsewhere - holding a far lower value - taken for infrastructure projects.

The Chief Minister has denied all charges and refused calls to resign.

He has been backed by the Congress and his deputy, DK Shivakumar, who is also the state unit boss, and also by members of his cabinet, including IT Minister Priyank Kharge. However, some within the Congress also want him to quit, such as former Assembly Speaker KB Koliwad.

"I will fight. I am not afraid of anything. We are ready to face the investigation. I will fight this legally," he said last week after the High Court had quashed his challenge to the Governor's sanction.

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