After Three years of notebandi, ‘corrupt’ jewellers facing big trouble…

NEW DELHI: Armed with data, the tax authorities have deciphered the whip in jewelers who made large cash deposits after deonetization in 2016 but could not explain how they generated so much money when they showed low income in your tax returns.

नोटबंदी के तीन साल बाद, ‘भ्रष्ट’ ज्वैलर्स को बड़ी परेशानी का सामना करना पड़ रहा है …
आंकड़ों के साथ, कर अधिकारियों ने 2016 में विमुद्रीकरण के बाद बड़ी नकदी जमा करने वाले ज्वैलर्स में कोड़ा मार दिया है।

GEMS OF DEMON
GEMS OF DEMON: Three years after notebandi, ‘corrupt’ jewellers face heat…

Sample this: A jeweler, who had disclosed income of under Rs 1.2 lakh, deposited Rs 4.1 crore cash in just three days. In another case, cash deposits during two days added up to nearly Rs 3.3 crore when the taxable income was under Rs 2.7 lakh. In yet another case, a jeweler with income of Rs 54 lakh deposited over Rs 2.5 crore cash.

Three years after notebandi, ‘corrupt’ jewellers face heat…

While most jewelers were unable to explain the source of cash, an analysis by the income tax department showed that many jewelers under scrutiny failed to report the deposits in their returns for assessment year 2017-18 (financial year 2016-17), officials told.

The tax department also looked at the utility bills of some of these jewelers and found that in a case, where the business shot up to a few crores, the electricity bill was less than Rs 1,500.

There were also other aspects that suggested that it was not the usual. A jeweler in Gujarat For example, he had deposited Rs 4.1 rupees in cash since November 8, 2016, when demonetization it was announced and on December 30, 2016. But the bank records accessed by the tax department showed that the entrepreneur had only deposited Rs. 44,260 during the corresponding period in 2015.

In many cases, jewelers sought to pass off the funds as unsecured loans. So, in one case, the deposits were of the order of Rs 52 crore while the tax return showed an income of Rs 3.2 crore. An official said the jeweler had only Rs 2.6 lakh as cash in hand on November 11, 2015, but it shot up to Rs 6.2 crore a year later. “There was no satisfactory explanation for the 238-fold increase,” an officer said.

“238 गुना वृद्धि के लिए कोई संतोषजनक स्पष्टीकरण नहीं था”

While the records showed cash as a product of purchases by distributors or unregistered individuals, during the scrutiny, many jewelers could not submit complete invoices. There were many jewelers who had shown cash advances of less than Rs 20,000 from unknown customers, which were deposited in the bank account only to be returned later.

कई जौहरी जिन्होंने बड़ी नकदी जमा की थी, ने कर अधिकारियों को बताया कि उरी हड़ताल और भारत-पाक तनाव के कारण, लोगों ने सोने और चांदी की खरीद का विकल्प चुना क्योंकि उन्हें सुरक्षित निवेश दांव के रूप में माना जाता है। अधिकारी ने कहा, “तथ्य यह है कि उरी हमले सितंबर 2016 में किए गए थे और अन्य ज्वैलर्स के मामले में अग्रिम प्राप्तियों का ऐसा कोई स्पष्ट पैटर्न नहीं देखा गया था।”

A jeweller, who had reported an annual income of Rs 26 lakh, claimed to have received Rs 9.6 crore as cash advances from 573 persons between November 5 and 8, 2016. But when asked, he could not furnish addresses or contact numbers of these people .

Many jewelers who had made large cash deposits told tax authorities that due to the Uri strike and Indo-Pak tension, people opted for gold and silver purchases as they are perceived as safer investment bets.

The fact is that Uri strikes were made in September 2016 and no such discernible pattern of advance receipts was noticed in the case of other jewelers,” the officer said.

Disclaimer: All information is gathered from various internet sources.

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