The high court asked the defendants to file their reply within two weeks of service of notice and listed the matter for August 22 before the joint registrar.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Insolvency appellate tribunal NCLAT on Tuesday upheld the resolution plan of grounded carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium. The NCLAT bench has directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, it has also directed the lenders of Jet Airways to adjust the Rs 150 crore paid by the consortium as performance bank guarantee.
The probe, being conducted under various sections of the Prevention of Money Laundering Act, is against the Kallal Group and the UK-based Lyca group and its Indian companies Lyca Productions and Lyca Hotels, it said.
The tax department had attached about a dozen plots and buildings in Delhi and Bihar.
The authority said in its order that it believes that the movable assets and equity shares that were attached by the ED are proceeds of crime and linked to the offence of money laundering.
Several residents of a housing complex built by the Vadodara Municipal Corporation (VMC) under a Gujarat government scheme have been staging protests against the allotment of a flat to a Muslim woman, saying the locality is meant only for Hindus.
The Enforcement Directorate on Friday alleged that Hero MotoCorp executive chairperson Pawan Kant Munjal used foreign currency issued in the name of others for his personal expenditure abroad to "override" RBI rules and attached his assets worth Rs 24.95 crore as part of a money laundering investigation. Three immovable properties (in the form of lands) of Munjal located in Delhi have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA), the central agency said in a statement.
While the concerned property may be confiscated, a person indulging in such a transaction is liable to pay a fine up to 25 per cent of fair market value of the property
'With tuition fees for international students rising, education loans have become critical for bridging the gap between savings, scholarship, and full cost.'
'The conspiracy is to end India's entrepreneurship culture even before it fully blooms.' 'Negativity is being spread in society towards all those who do business, and this hatred for business and wealth creators is spilling everywhere.'
Sidhu in his affidavit, filed along with the nomination papers, declared total assets worth Rs 44.63 crore.
The Supreme Court on Monday dismissed a petition seeking a declaration that abrogation of Article 370 of the Constitution, which bestowed special status on the erstwhile state of Jammu and Kashmir, was constitutionally valid.
A court in New Delhi on Thursday extended the Enforcement Directorate custody of Chief Minister Arvind Kejriwal till April 1 in the excise policy case.
Terrorist Adil Wani's father and three brothers were arrested for sheltering him.
Her immovable assets are worth over Rs 7.74 crore, which includes two inherited half shares of agricultural land in Mehrauli area of New Delhi and a half share in a farmhouse building located therein, all of which together are now worth over Rs 2.10 crore.
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
The chargesheet against the associate of Shiv Sena-UBT MP Sanjay Raut was submitted before the court's registry and it will come up before the special judge for cases under the Prevention of Money Laundering Act after scrutiny of papers.
ED officials said that Subhash was produced before a special PMLA court on Sunday morning and was sent to judicial custody.
The Enforcement Directorate on Friday said it has attached assets worth more than Rs 52 crore of arrested AAP leader Manish Sisodia, his wife and some other accused in the Delhi excise policy-linked money laundering case.
The National Company Law Tribunal (NCLT) has directed to freeze and attach assets and properties of Videocon promoters following a petition by the ministry of corporate affairs. The NCLT Mumbai bench has directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) that securities owned or held by the Videocon promoters "in any company or society be frozen, and be prohibited from being transferred or alienation" and the details be shared with the Ministry of Corporate Affairs (MCA). It directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the Videocon promoters in their knowledge or possession, for the purpose of freezing and restraining such assets.
The top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.
The Supreme Court on Friday asked Sahara and SEBI to formulate mechanism for securing payment of around Rs 19,000 crore (Rs 190 billion) of investors' money after the Subrata Roy-led group agreed to pledge it's immovable property as security but the market regulator questioned the sale deed and worth of the properties.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
The government has reconstituted a high level committee for the disposal of enemy properties that have been left behind by those who migrated and took up citizenship of Pakistan and China.
The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit to make it more relevant, an official said on Friday. Currently, shares held for more than one year attract a 10 per cent tax on long-term capital gains. Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
Twenty-six immovable properties worth Rs 101.45 crore, and bank balance totalling Rs 2.28 crore in 22 accounts have been attached provisionally under the Prevention of Money Laundering Act (PMLA) by the Lucknow zonal office of the agency, they said. The Greater Noida-headquartered Bike Bot taxi service is accused of scamming about Rs 3,000-Rs 4,000 crore from 2.25 lakh investors in multiple states including Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana.
The Supreme Court on Tuesday refused to stay the investigation against Mumbai Congress chief Kripashankar Singh and his family members for allegedly amassing disproportionate assets but put an interim stay on the process of attaching and seizure of their properties.
The Enforcement Directorate has asked sacked Commonwealth Games Organising Committee Chairman Suresh Kalmadi to give details about his bank accounts, investments and other property related information in connection with its probe into the multicrore CWG scam.
The bench asked the group to submit within 15 days a valuation report of movable and immovable properties of its managing director and directors.
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
Ccertain tax advantages are attached with HUF under the income tax and wealth tax laws.
The Bharatiya Janata Party candidate and spokesperson Meenakshi Lekhi filed her nomination papers from the New Delhi constituency on Friday and declared her assets worth over Rs 34 crore which includes wealth of her husband and two children.
The Supreme Court on Monday appointed former apex court judge Justice R V Raveendran as a mediator to settle the family property dispute involving businessman and former IPL head Lalit Modi and his mother Bina Modi. The apex court observed that counsel appearing for both sides agreed that they would go without any pre-condition and with an open mind to settle the dispute in mediation. "....We also think the issue can be resolved by way of mediation," a bench headed by Chief Justice N V Ramana said. "Accordingly, we appoint Justice R V Raveendran, a retired judge of this court, to mediate and settle the dispute," said the bench, also comprising justices Krishna Murari and Hima Kohli.
Three industry bodies suggested changes in India's tax regime in their pre-Budget discussions with Revenue Secretary Sanjay Malhotra in New Delhi on Tuesday. The bodies - Confederation of Indian Industry (CII), PHD Chamber of Commerce and Industry (PHDCCI), and Federation of Indian Chambers of Commerce & Industry (FICCI) - held separate meetings with Malhotra during the day and put across their suggestions for the upcoming Budget.
Capital markets regulator Sebi on Thursday sent a notice to NSE's former chief Ravi Narain, asking him to pay Rs 2.06 crore in a case related to governance lapses at the stock exchange, and warned of arrest and attachment of assets and bank accounts if he fails to make the payment within 15 days. The notice came after Narain failed to pay the fine imposed on him by SEBI (Securities and Exchange Board of India). The regulator, through an order passed on February 11, levied a fine of Rs 2 crore on Narain in the matter of governance issues over the appointment of the chief strategic officer at the stock exchange in 2013.
The businessman claims he has paid all the dues to the cricketer.
Senior Mumbai Congress leader Kripashankar Singh has moved the Supreme Court challenging the Bombay high court direction for his prosecution under the Prevention of Corruption Act and attachment of his immovable properties in a case of alleged disproportionate assets.
Come April 2008 and Delhi will become the first state in the country to do away with printed "stamp paper", which is currently mandatory for property-related documentation.
