Sep 09, 2023
All 33,000 entities in a money laundering case face probe
Instead of just going after the kingpin, the tax tribunal has directed that nearly 33,000 individuals or business entities engaged in a money laundering racket worth Rs 1,680 crore be probed. In a far-reaching order, the Income Tax Appellate Tribunal (Mumbai bench) has looked beyond just bringing to task an individual defaulting taxpayer and upholding lower tax authorities' assessment order.
As Naresh Manakchand Jain - the defaulting taxpayer - was engaged in a significant money-laundering operation, the tax tribunal has directed his jurisdictional I-T official to provide details of 30,000-plus entities involved within 90 days to various regulatory authorities for further investigation and action. The authorities include I-T officials, Sebi, RBI, and the registrar of companies.