NEW DELHI: Income tax government have detected world transactions value over Rs 515 crore of Nirav Modi staff firms related to imports and exports with more than a few related enterprises which he didn't report to world taxation government.
On Saturday, I-T government seized no less than 150 art work owned by means of Nirav from a warehouse in Mumbai. "These paintings are of different sizes and by eminent artists, including Raja Ravi Varma and Jatin Das," a top I-T legit stated. The tax division has taken ownership of these assets and is assessing their value.
The I-T division has drawn an inventory of related enterprises in a year-wise approach with which Nirav's staff firms performed dealings that were not reported. The precise value of these deals by means of making use of transfer pricing norms is being assessed. The transactions are being examined for mis-declaration of value and pricing with the aim of money laundering - an allegation for which Nirav is being investigated.
"Though these transactions were found in his books of account, but the same were not reported before appropriate authorities for transfer pricing adjustments which the tax officials are examining," the top I-T legit stated.
Any overseas transaction of an organization has to be declared in Form 3CEB prescribed by means of the I-T division. This mandates an entity to provide all main points similar to related companies with which it had transactions, the names of such firms with deal with, besides main points of all home transactions exceeding Rs 5 crore. Several shell firms allegedly related to Nirav are being investigated. Nirav, the main accused within the Rs 11,300 crore PNB swindle, may be accused of non-disclosure of unspecified sales and import and export of diamond and gold jewelry.
Earlier, the tax division had evaluated Nirav's inventory of diamonds at his SEZs and located large difference in valuation of the existing inventory. According to an I-T review record, ready remaining year after a search on his premises, Rs 1,216 crore of imported diamonds had been allegedly diverted to the home market - regardless that the gemstones had been supposed for export - after value addition. "There was huge difference in valuation of stocks at his SEZ after the department carried out valuation of physical stocks available through a government approved registered valuer," the I-T legit stated.
On Saturday, I-T government seized no less than 150 art work owned by means of Nirav from a warehouse in Mumbai. "These paintings are of different sizes and by eminent artists, including Raja Ravi Varma and Jatin Das," a top I-T legit stated. The tax division has taken ownership of these assets and is assessing their value.
The I-T division has drawn an inventory of related enterprises in a year-wise approach with which Nirav's staff firms performed dealings that were not reported. The precise value of these deals by means of making use of transfer pricing norms is being assessed. The transactions are being examined for mis-declaration of value and pricing with the aim of money laundering - an allegation for which Nirav is being investigated.
"Though these transactions were found in his books of account, but the same were not reported before appropriate authorities for transfer pricing adjustments which the tax officials are examining," the top I-T legit stated.
Any overseas transaction of an organization has to be declared in Form 3CEB prescribed by means of the I-T division. This mandates an entity to provide all main points similar to related companies with which it had transactions, the names of such firms with deal with, besides main points of all home transactions exceeding Rs 5 crore. Several shell firms allegedly related to Nirav are being investigated. Nirav, the main accused within the Rs 11,300 crore PNB swindle, may be accused of non-disclosure of unspecified sales and import and export of diamond and gold jewelry.
Earlier, the tax division had evaluated Nirav's inventory of diamonds at his SEZs and located large difference in valuation of the existing inventory. According to an I-T review record, ready remaining year after a search on his premises, Rs 1,216 crore of imported diamonds had been allegedly diverted to the home market - regardless that the gemstones had been supposed for export - after value addition. "There was huge difference in valuation of stocks at his SEZ after the department carried out valuation of physical stocks available through a government approved registered valuer," the I-T legit stated.
Income tax lens on Rs 515 crore foreign transactions in Nirav Modi's cos
![Income tax lens on Rs 515 crore foreign transactions in Nirav Modi's cos]()
Reviewed by Kailash
on
February 26, 2018
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