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Income Tax Dept starts investigation against UP businessman Piyush Jain

The Income Tax Department has started the investigation against Kanpur-based perfume businessman Piyush Jain.

income tax

ANI General News
The Income Tax Department has started the investigation against Kanpur-based perfume businessman Piyush Jain.
Notably, the Directorate General of GST Intelligence (DGGI) had recovered over Rs 194.45 crore cash, 23 kg gold and 600 kg sandalwood from the factory premises of Piyush Jain in December last.
A joint team of DGGI and local Central GST had taken Jain to his factory and residence in Kannauj which resulted in a cash recovery of cash and gold.
The investigation has been taken up by Income Tax Department, Kanpur division. DGGI last week officially shared the information with the Income Tax department.
Out of Rs 194.45 crore, DGGI raised a tax liability of Rs 52 crore on Piyush Jain. The rest amount of the cash will now be seized or requisitioned by Income Tax under section 132B of Income Tax.
An official told ANI that the seized money has been kept in the State Bank of India. Now a warrant will be issued against Jain by the department. Department will also match his income tax returns by opening the previous year's ITR filed by him.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 29 2022 | 11:22 AM IST

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