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Taxmen To Seek Custody Of Sontu’s Cash And Gold | Nagpur News – Times of India

Nagpur: The income tax department, which is also investigating the Anant Jain alias Sontu case, plans to soon ask the police to hand over the cash seized during raids at Sontu’s premises.
After a complaint was registered against Sontu, for duping a businessman of 58 crore through a manipulated betting app, the cops had raided his premises. Cash 17 crore and a lot of gold was seized. The total assets have been valued at over 32 crore. The identity of the complainant has been kept under wraps by the police.
It is learnt that the directorate of investigation of income tax department would be sending a requisition to the police to transfer the cash and valuables. As per the procedure, these assets would be kept in his personal deposit (PD) account. This is an account against the assessee’s PAN but held by the concerned principal chief income tax commissioner of the department.
An official said since the cash and other valuables were found at Sontu’s place, he will have to convince the taxmen about the source. The onus of proving the legitimacy of cash and assets is on the person from whose premises it is seized. If he is unable to prove the source of the assets, the money and gold would be deposited with the government exchequer.
The transfer should have happened soon after the seizure, but it has taken time considering the sensitivity of the case, said a source. According to the procedure, the investigation wing will submit an appraisal report and the case would go to the central circle of income tax for final assessment and recovery of tax dues.
CA Kailash Jogani said the handing over may not be a simple process. For the police, the cash is also part of evidence, which it may need for further investigations and court proceedings.
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