The Directorate General of GST Intelligence (DGGI) has cleared the air regarding the case of Peeyush Jain and Odochem Industries. The central authority said in a statement that while many press reports have stated that the body had decided to treat the cash recovered as the turnover of the business and taken Rs 52 crore as tax dues, such press reports are purely speculative.
“These reports are purely speculative, without any basis and seek to undermine the integrity of the ongoing investigations which are being carried out in a most professional manner based on specific intelligence against the party,” the body stated.
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The Income Tax Department, the Central Board of Indirect Taxes and Customs (CBIC) and the Goods and Services Tax (GST) Intelligence unit agents had raided the residential and business premises of Jain where they managed to recover Rs. 197.49 crore in cash, 23 kg of gold and other goods of high value.
DGGI added that the recovered cash and amount have been seized following the raid and kept securely until further investigations and calculation of Jain and his business’s tax liability. Jain had issued a voluntary admission of guilt during his custody.
“In this regard, it is clarified that the total amount of cash in the ongoing case from the residential and factory premises of M/s Peeyush Jain has been kept as case property in the safe custody of the State Bank of India pending further investigations. No deposit of tax dues has been made by M/s Odochem Industries from the seized money to discharge their tax liabilities and their tax liabilities are yet to be determined,” DGGI stated.
Jain will be facing charges under Section 132 of the CGST Act and was remanded to 14 days of judicial custody on December 27.
(Edited by : Shoma Bhattacharjee)
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