IT case: Court summons real estate group chief as accused

A real estate group chief has been summoned as an accused by a Delhi court after a complaint by the Income Tax Department that he was allegedly not disclosing details of his Swiss bank account in Geneva.
Additional Chief Metropolitan Magistrate Devendra Kumar Sharma directed Manish Periwal, CMD of Pioneer Urban Land and Infrastructure Ltd, to appear as an accused on April 8.
The court took cognisance of Income Tax (IT) Department's complaint that it possessed information that Periwal had an account with HSBC Bank in Geneva showing a balance of USD 56,071.78 (now Rs 34,96,072.68).
"The complaint and documents annexed with it disclose sufficient material on record regarding commission of offence under Section 276D (Failure to produce accounts and documents) of the IT Act for assessment year 2007-08. Hence, cognisance of offence is taken," the court said.

A search was conducted at Periwal's residence and office premises in January 2012 and his statement was recorded in which he admitted having an account in the Geneva bank, the complaint said.
It claimed that Periwal was asked to furnish his account statement for the purpose of completion of assessment and to arrive at his true taxable income. However, the details given by him were not sufficient to come to a conclusion, it said.

Five notices were issued to him by the department and he replied to a show cause notice on January 9 this year that he did not have the details or statements of the foreign bank account, it said, adding that the explanation given was not acceptable.

The complaint also alleged that Periwal wilfully failed to furnish the statement of bank account from date of opening till date of notice to ascertain the exact transactions and the amount for the relevant assessment year to help ascertain the exact undisclosed income in foreign bank account.
It said Periwal has surrendered the amount kept in the foreign bank account to the IT Department. A notice was also issued to him for launch of prosecution against him but he gave an "unsatisfactory" reply to it, the complaint added.