Allahabad High Court grants bail to businessman Piyush Jain in tax evasion case


Allahabad High Court grants bail to businessman Piyush Jain in tax evasion case | IANS

Perfume businessman Piyush Jain was released on bail by the Allahabad High Court on July 27. However, Jain cannot leave the country without permission from the Court and must also present his passport along with a deposit of Rs 1 crore.

The General Directorate of Intelligence of GST (DGGI) had carried out searches last December at Odochem Industries led by Jain, a manufacturer of perfumery compounds.

The DGGI had recovered Rs. 197.49 crores, 23 kg of gold and high-value incriminated property from two premises belonging to it; of the 23 kg, 11 kg of gold had a foreign mark.

Earlier, it was said that the DGGI decided to treat the money recovered from Piyush Jain’s premises as his company’s turnover.

It was also stated that after acknowledging liability, Jain has, with the approval of DGGI, will file a total amount of Rs 52 crore as tax assessments and be cleared of all allegations.

It has also been learned that the DGGI department has accepted Piyush Jain’s deposition and finalized the tax liability accordingly.

However, the DGGI clarified that nothing happened like that. The DGGI had refuted all the allegations.

“Based on his voluntary admission of guilt and the evidence available in the file, Piyush Jain was arrested on December 26 under article 132 of the CGST law,” the DGGI had said.

(To receive our electronic document daily on WhatsApp, please click here. To receive it on Telegram, please click here. We allow sharing of the PDF of the document on WhatsApp and other social media platforms.)

Source link


Comments are closed.