By Sukirti Dwivedi , Ahmedabad Mirror | Updated: May 03, 2017, 06.50 PM IST
Some of the largest cash deposits in banks during demonetisation were made by ‘slum dwellers’. This came out during the field surveys done by the officers of Income Tax department post demonetisation. In one case, when I-T officers went to verify the registered address of two brothers who had together deposited Rs 9 crore cash in their bank accounts, they were surprised to learn that the assessees lived in a humble house constructed under Garib Awas Yojana.
And that too amid a slum. The house was found locked and even the neighbours were unable to give any leads about the occupants’ whereabouts. The Gujarat Income Tax Department had sent out about 5,000 notices in Ahmedabad to those who made large cash deposits in banks during demonetisation. All these individuals had deposited cash much beyond their declared source of income as reflected in their I-T returns. Almost 30% of them, or 1,500 individuals, did not reply. When I-T officers were sent to check their addresses, many of the houses were found locked and located amid slums. There are 21 ranges of I-T in Ahmedabad which are headed by 7 Commissioners of Income Tax, three under each. Each of these ranges had sent average 250 notices related to large cash deposits.
Slum dwelling brothers deposit Rs 9 crore
Post demonetisation, a team of local tax officers was constituted to enquire into the whereabouts of some of the big cash depositors who had not responded to the notices. According to a highly placed source, “When the officers reached the residence of a pair of brothers in Narol, one of whom had deposited Rs 5 crore and the other Rs 4 crore in his bank account, they found that the brothers lived in a house constructed under the Garib Awas Yojana right in the middle of a slum. Their house was locked and the brothers had fled their home four days ago.” “In another case, a man who had deposited Rs 15 crore had fled his home in Vatva. He too lived in a small house and it didn’t seem that the man could have earned that huge an amount,” the source added.
How black money was converted into white
I-T department sources said in all cases where the amount deposited ran into crores, multiple layers of RTGS (Real Time Gross Settlement) transactions were created. The total amount was divided into smaller sums which were then transferred to numerous accounts from the main account, creating a long chain of transactions. “We will ultimately get hold of them but it’s a long drawn process,” said the officer.
Wrongdoers will be caught in the end
Sanjay Shah, Chartered Accountant, said, “I-T will first try all its sources to track the person with the help of available resources and by investigating the trail of transactions. It will then send multiple notices and summons. If all these fail then it may use the ‘Best Judgement Assessment (when I-T officer is not satisfied with accounts submitted by assessee)’ under I-T Act to levy ahigher tax rate (unexplained sources of income) ..
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