DGGI dismisses reports saying cash recovered in UP raid will be treated as turnout of company
The Hindu
Cash recovered from businessman Piyush Jain’s residential and factory premises kept as case property in safe custody of SBI pending further probe, it says
The Directorate General of GST Intelligence (DGGI) on Thursday described as “purely speculative” reports, which suggested that it had decided to treat the ₹197.47 crore cash recovered from as the turnover of the manufacturing unit and that it had agreed with the deposition of Mr. Jain and finalised his tax liabilities as ₹52 crore.
The DGGI clarified that the total amount of had been kept as case property in the safe custody of State Bank of India pending further investigation.
Tax officials recovered the cash, 23 kg of gold with foreign markings and unaccounted perfumery raw material worth ₹6 crore from the business and residential premises of Mr. Jain in Kanpur and Kannauj. Mr. Jain, who deals in compounds for perfumes, was arrested on December 26 for offences under section 132 of the CGST Act. A local court remanded him in 14 days judicial custody on December 27.
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