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  4. Investigations against Piyush Jain reopen; IT Dept to match tax returns with previous year's ITR

Investigations against Piyush Jain reopen; IT Dept to match tax returns with previous year's ITR

The investigation has been taken up by Income Tax Department, Kanpur division.

Vani Mehrotra Edited by: Vani Mehrotra @vani_mehrotra New Delhi Published on: May 29, 2022 9:00 IST
Piyush Jain
Image Source : ANI

Income Tax Dept starts investigation against UP businessman Piyush Jain

Highlights

  • The DGGI had earlier recovered over Rs 194.45 crore cash, 23 kg gold and 600 kg sandalwood
  • The investigations were led by a joint team of DGGI and local Central GST
  • DGGI last week officially shared the information with the Income Tax department

The Income Tax Department has begun investigations against Kanpur-based perfume businessman Piyush Jain. Notably, the Directorate General of GST Intelligence (DGGI) had recovered over Rs 194.45 crore cash, 23 kg gold and 600 kg sandalwood from the factory premises of Piyush Jain in December last.

A joint team of DGGI and local Central GST had taken Jain to his factory and residence in Kannauj which resulted in a cash recovery of cash and gold.

The investigation has been taken up by Income Tax Department, Kanpur division. DGGI last week officially shared the information with the Income Tax department.

Out of Rs 194.45 crore, DGGI raised a tax liability of Rs 52 crore on Piyush Jain. The rest amount of the cash will now be seized or requisitioned by Income Tax under section 132B of Income Tax.

An official said the seized money has been kept in the State Bank of India. 

A warrant will now be issued against Jain by the department. Department will also match his income tax returns by opening the previous year's ITR filed by him. 

(With inputs from ANI)

Also Read | Piyush Jain raid: Approx Rs 200 cr cash, 23 kg gold unearthed; DRI books Kanpur businessman

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