Court summons MD of Emaar MGF on I-T department's complaint

Shravan Gupta is accused of not filing the income tax return of $1.5 million for financial year 2005-2006

Managing Director of real estate major Emaar MGF Shravan Gupta was today summoned as an accused by a Delhi court which took cognisance of the Income Tax (I-T) department's complaint against him for allegedly not furnishing details of his bank accounts.

Additional Chief Metropolitan Magistrate Devendra Kumar Sharma summoned Gupta for March 24.

Gupta's name, along with those of others, has allegedly cropped up in the blackmoney case.

The I-T department, in its compliant against Gupta, has alleged that he had not filed the income tax return of $1.5 million for financial year 2005-2006 and when questioned and confronted by the department about it, he admitted it.

It alleged that he had later filed the income tax return and declared the amount in his income.

The department said that on being asked by it, Gupta had refused to give his bank account details, after which the complaint was filed against him under section 276 D (failure to produce accounts and documents) of the IT Act.

It said after Gupta's name cropped up in the HSBC list, he had paid the tax after making a voluntary disclosure.

According to the department, the HSBC account was opened by Gupta in 2006 and it was closed in 2007 and tax was deposited by him voluntarily in 2011.