SIGN IN SUBSCRIBE

News Update

GST - Assessing officer took into account the evidence placed on record and drew conclusions - Bench is, therefore, of the view that petitioner should present a statutory appeal: HCGST - Tax liability was imposed because petitioner replied without annexing documents - It is just and appropriate that an opportunity be provided to contest tax demand on merits, albeit by putting petitioner on terms: HCGST - To effectively contest the demand and provide an opportunity to petitioner to place all relevant documents, matter remanded but by protecting revenue interest: HCGST - Petitioner has failed to avail opportunities granted repeatedly - Court cannot entertain request for remand as there has been no procedural impropriety and infraction of any provision by assessing authority: HCGST - Classification - Matter which had stood examined by Principal Commissioner is being treated differently by Additional Commissioner - Prima facie , approach appears to be perverse: HCI-T- Denial of deduction u/s 80IC can create perception of genuine hardship, where claimant paid tax in excess of what was due; order denying deduction merits re-consideration: HCIsrael launches missile attack on IranEC holds Video-Conference with over 250 Observers of Phase 2 pollsGermany disfavours Brazil’s proposal to tax super-richI-T- If material found during search are not incriminating in nature AO can not made any addition u/s 153A in respect of unabated assessment: ITATGovt appoints Dinesh Tripathi as New Navy ChiefAFMS, IIT Kanpur to develop tech to address health problems of soldiersFBI sirens against Chinese hackers eyeing US infrastructureI-T - Interest earned on short term deposit out of borrowed funds during period prior to commencement of business, is totally foreign to business objects of assessee, and not eligible for set off: ITATKenya’s top military commanders perish in copter crashCBIC notifies Customs exchange rates w.e.f. April 19, 2024Meta shares ‘Most Intelligent’ AI assistant built on Llama modelST - Service Tax paid in respect of export of services and cannot be subject to levy of Service Tax under Notfn 18/2009-ST, denial of exemption on procedural lapses cannot be sustained: CESTATDengue cases soaring in US - Close to ‘Emergency situation’: UN AgencyNexus between Election Manifesto and Budget 2024 in July!Half of China’s major cities sinking, reveals StudyCX - The warranty service is eligible for credit though the same is provided after clearance of final products: CESTAT
 
DRI seizes gold worth Rs 6.2 Cr with IC worth Rs 88 lakh smuggled from B'desh & Myanmar

By TIOL News Service

NEW DELHI, NOV 01, 2020: IN two well-coordinated operations in Kolkata and Siliguri, the DRI sleuths seized about 12 kgs of smuggled gold, valued at about Rs 6.20 crores. In addition, Indian Currency of face value of 88.17 lakhs, were also seized. Five persons have also been arrested.

After a good chase the DRI officers, in the first case, intercepted a vehicle and finally seized 42 pieces of gold biscuits and cut pieces of gold collectively weighing 6882.840 grams, valued at Rs. 3,62,79,449/- and Indian Currency amounting to Rs.53,00,000/- were recovered.

Investigations conducted revealed that the intercepted person also operated his illegal business from two other premises. Search of these two other premises at 18 Hanspukur Lane and Room No 306, 5 Kanulal Lane was conducted, resulting in recovery of cash of Rs. 34,23,740/- from one of them,while, search at the other premises of resulted in recovery of Rs. 93,600/-. The collective seizure of Indian Currency from various premises of one Jhunjhunwala amounted to Rs 88.17 lakhs.

The accused, in his voluntary statement admitted that the seized gold was smuggled from Bangladesh into India and the recovered Indian Currency were part of his sale proceeds of gold smuggled in the past. He also admitted that his father and an employee of his were very much involved in this illegal business of his.

In the second case, the officers intercepted a vehicle carrying gold smuggled from Myanmar. In this case, gold worth Rs 2.6 Cr was seized.

 


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360





Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST