Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

Tax Department Acted as Per Law in CCD Promoter Siddhartha Case, Say Sources

Refuting the charges, the sources said the provisional attachment made by the department was undertaken to protect the "interests of revenue" and was based on credible evidence gathered in the search or raid action.

PTI

Updated:July 31, 2019, 7:25 AM IST
facebookTwitterskypewhatsapp
Tax Department Acted as Per Law in CCD Promoter Siddhartha Case, Say Sources
File image of VG Siddhartha.
Loading...

New Delhi: The Income Tax Department has acted as per law in its probe against Cafe Coffee Day (CCD) promoter V G Siddhartha, official sources said on Tuesday, after a letter purportedly written by him accused tax authorities of harassment.

In the letter, Siddhartha, who has gone missing on his way to Mangaluru from Bengaluru in Karnataka, said there was a lot of harassment from the Income Tax Department in the form of attaching "our shares on two separate occasions to block our Mindtree deal and then taking position of our Coffee Day shares, although revised returns have been filed by us".

"This was very unfair and has led to a serious liquidity crunch," he said.

Refuting the charges, the sources said the provisional attachment made by the department was undertaken to protect the "interests of revenue" and was based on credible evidence gathered in the search or raid action.

"The department has acted as per provisions of the Income Tax Act," one of sources told PTI.

They said Siddhartha fetched Rs 3,200 crore from the sale of Mindtree shares, but paid only Rs 46 crore out of total Rs 300 crore minimum alternate tax (MAT) payable on the deal.

They claimed that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department.

Siddhartha, the son-in-law of former Karnataka chief minister and BJP leader S M Krishna, was last seen near a bridge across the Netravati river in the Kotepura area in Dakshina Kannada district on Monday night. Authorities have launched a massive search for him.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results