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1. firm discloses
Following an income tax raid last month, a company promoted by known to be a close aide of former president has made a disclosure of having earned
rs5 croe of unaccounted wealth. It is one of the firms whose name figured in the shell companies' episode related to the promoted Group.
income tax sources say that it was broadly found that the firm which is engaged in taking up government contracts had inflated its expenditure so as
to reduce the taxable income. Based on the findings during the raid, the assesses admitted to have earned r 25 cre over and above what was declared
in the income tax returns.
The department is now in the process of preparing a final report which will be later put up for assessment of the tax dues. Once the report is put up, a
different section in the income tax department will assess the dues and send a notice to file the returns accordingly. There are chances that at the
time of filing returns the assessee may not include the admitted amount and even move the income tax appellate tribunal in appeal.
At the same time a much bigger disclosure was made by city-based pharmaceutical company, Uniju es Life Sciences. It had the taxman knocking its door
in August this year. However, even as this is the highest disclosure so far at rs 3rore, the department is skeptical about recovering any tax from the
company.
"This company is yet to pay the tax on rs 17 cr of income which it had declared in its previous returns. This is an amount declared in the normal course
without any action such an income tax raid. But it seems that due to a financial crisis it has not been able to pay the tax due. So it is feared that even
the tax on the income declared after the raid may not be paid. The firm is learnt to relying on a bank loan to pull on with the operations," the source
said.
It is a peculiar case indeed but not new. Some times the income is shown in the books but is actually not realized due to delay in realizing the payments.
However, this anomaly has been done away in the latest finance act. The practice of paying the tax at a later stage after filing the returns began
with the online filing. Assessees got a breather till the return was finally processed and a demand issued. In the physical returns the tax challan
had to be appended but not in the online mode. The new law says that even the online returns will be declared void if the tax is not paid at the same
time.

2. firm discloses
• Following an income tax raid last month, a company promoted by known to be a close aide of former president has made a disclosure of having earned rs5 croe of unaccounted wealth. It is one of the firms whose
name figured in the shell companies' episode related to the promoted Group.
income tax sources say that it was broadly found that the firm which is engaged in taking up government contracts had inflated its expenditure so as to reduce the taxable income. Based on the findings during
the raid, the assesses admitted to have earned r 25 cre over and above what was declared in the income tax returns.
The department is now in the process of preparing a final report which will be later put up for assessment of the tax dues. Once the report is put up, a different section in the income tax department will assess
the dues and send a notice to file the returns accordingly. There are chances that at the time of filing returns the assessee may not include the admitted amount and even move the income tax appellate
tribunalin appeal.
•
• At the same time a much bigger disclosure was made by city-based pharmaceuticalcompany, Uniju es Life Sciences. It had the taxman knocking its door in Augustthis year. However, even as this is the highest
disclosure so far at rs 3rore, the department is skeptical about recovering any tax from the company.
"This company is yet to pay the tax on rs 17 cr of income which it had declared in its previous returns. This is an amount declared in the normal course without any action such an income tax raid. But it seems that
due to a financial crisis it has not been able to pay the tax due. So it is feared that even the tax on the income declared after the raid may not be paid. The firm is learnt to relying on a bank loan to pull on with
the operations," the source said.
It is a peculiar case indeed but not new. Some times the income is shown in the books but is actually not realized due to delay in realizing the payments.
However, this anomaly has been done away in the latest finance act. The practice of paying the tax at a later stage after filing the returns began with the online filing. Assessees got a breather till the
returnwas finally processed and a demand issued. In the physical returns the tax challan had to be appended but not in the online mode. The new law says that even the online returns will be declared void if
the tax is not paid at the same time.