Submit bank guarantee of Rs5.73 cr to I-T dept: HC to Maple jewellers
Vaibhav Ganjapure | TNN | Mar 26, 2019, 04:14 ISTNagpur: The Nagpur bench of Bombay high court on Monday directed Maple Jewellers Private Limited to provide a corporate bank guarantee of Rs5.73 crore to the Income Tax (I-T) department to get custody of unaccounted cash of same amount seized on April 29 last year.
A single-judge bench comprising justice Murlidhar Giratkar asked the Raipur-based business firm to provide guarantee of a nationalized bank. The department will assess from where the money has been generated, including verifying some 780 receipts submitted by the firm.
The orders came while hearing a case by the I-T department through counsel Anand Parchure challenging the session court’s orders asking the police to hand over the seized cash to Maple Jewellers.
On April 29 last year, a senior inspector at Nandanvan police intercepted a Duster (MH-31-FA-4611) at Prajapati Chowk and seized cash Rs3.28 crore kept under the carpet. Though the total cash was Rs5.73 crore, some Rs2.5 crore was taken away by three policemen clandestinely, including an officer of assistant police inspector rank. Later, the cash was recovered and the cops, along with four informers, were booked for robbery.
After preliminary investigations, an FIR was lodged on May 4 under Section 395 of IPC and the amount was deposited with the State Bank of India (SBI). The cops initially registered a case of robbery. Later, Maple Jewellers approached the cops claiming the amount to be theirs. The I-T department too staked its claim, contending that it was unassessed money and, therefore, it should be handed over to them.
The firm formed around April last year claimed they were into gold selling business, and had sold excess gold to customers on the occasion of Akshaya Tritiya on April 18. They claimed to have borrowed the gold from other sources, and were repaying price for the same, which was being transferred from the intercepted vehicle. The firm even produced receipts before the cops.
After the charge sheet was filed, the case was heard by the trial court, which ruled in Maple Limited’s favour by asking the cops to hand over the amount to it. The I-T department then challenged the order in sessions court by filing revision application. But it too upheld the trial court’s verdict. The department then approached the HC with contention that the 780 receipts produced by the firm contained same names multiple times.
(With inputs from Akash Jamthe)
A single-judge bench comprising justice Murlidhar Giratkar asked the Raipur-based business firm to provide guarantee of a nationalized bank. The department will assess from where the money has been generated, including verifying some 780 receipts submitted by the firm.
The orders came while hearing a case by the I-T department through counsel Anand Parchure challenging the session court’s orders asking the police to hand over the seized cash to Maple Jewellers.
On April 29 last year, a senior inspector at Nandanvan police intercepted a Duster (MH-31-FA-4611) at Prajapati Chowk and seized cash Rs3.28 crore kept under the carpet. Though the total cash was Rs5.73 crore, some Rs2.5 crore was taken away by three policemen clandestinely, including an officer of assistant police inspector rank. Later, the cash was recovered and the cops, along with four informers, were booked for robbery.
After preliminary investigations, an FIR was lodged on May 4 under Section 395 of IPC and the amount was deposited with the State Bank of India (SBI). The cops initially registered a case of robbery. Later, Maple Jewellers approached the cops claiming the amount to be theirs. The I-T department too staked its claim, contending that it was unassessed money and, therefore, it should be handed over to them.
The firm formed around April last year claimed they were into gold selling business, and had sold excess gold to customers on the occasion of Akshaya Tritiya on April 18. They claimed to have borrowed the gold from other sources, and were repaying price for the same, which was being transferred from the intercepted vehicle. The firm even produced receipts before the cops.
After the charge sheet was filed, the case was heard by the trial court, which ruled in Maple Limited’s favour by asking the cops to hand over the amount to it. The I-T department then challenged the order in sessions court by filing revision application. But it too upheld the trial court’s verdict. The department then approached the HC with contention that the 780 receipts produced by the firm contained same names multiple times.
(With inputs from Akash Jamthe)
more from times of india Cities
LATEST VIDEOS
All Comments ()+^ Back to Top
Refrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred against any community. Help us delete comments that do not follow these guidelines by marking them offensive. Let's work together to keep the conversation civil.
HIDE