Eminent Senior Advocate Abhishek Manu Singhvi, who has appeared in several landmark income-tax cases such as Vodafone, has been assessed to undisclosed income of Rs. 91.95 crore by the Income Tax Settlement Commission. Penalty of Rs. 56.67 Cr u/s 271(1)(c) has also been levied.
The addition has been made inter alia in respect of the following issues:
(i) Claim of 100% depreciation on purchase of solar panels allegedly worth Rs 35.98 crore. The supplier admitted receipt of only Rs. 21.39 crore out of the Rs. 25.16 crore claimed to have been paid. The supplier gave a statement admitting that the cost was “inflated” and that Rs 10 crore was to be repaid to Singhvi in the form of a loan to his sons;
(ii) Claim of depreciation on purchase of laptops allegedly worth Rs. 5 crore. The Commission held that since Singhvi had employed only 14 advocates/professionals to assist him, he would have had to purchase 1,250 laptops (each costing Rs 40,000) to account for the amount under that head;
(iii) Non-verifiability of expenditure on account of a “termite attack” on the premises of his chartered accountant in December 2012, which had destroyed all records and expense vouchers, documents;
(iv) Non-verifiability of cheques payments of 10.97 crore as several inquiry letters were returned un-served.
Abhishek Singhvi has filed a Writ Petition in the Jodhpur Bench of the Rajasthan High Court in which he has alleged that he has been “trapped” in a “cat and mouse game”. It is also argued that the Commission does not have the jurisdiction to impose penalty on him. “No authority and power has been however been granted to the Settlement Commission in way of the provisions of Chapter XIX-A of the Act to impose and /or direct imposition of penalty under the provisions,” the petition stated.
The High Court has granted an interim stay in the matter.
How the nation can progress when we have this type of leaders ? There is a gujarti proverb ” Muh me Ram Bagal me chhurra” which applies to this tyye of persons.
Hi
Respected Sir,
Shri.Abhishek Manu Singhvi
I am Ashok Patel Accountant in Mumbai practice since last 35 years Facing with various Department at Law.
As we are Law abiding People a true INDIAN.Fight against Corruption.
Say I as your younger Brother Please note I have a clean chit clearance of your case with due respect to be granted to you by the department and Government at law and apologize letter also from the department for levy of penalty on you.
I give Guaranteed results not warranty.
You are senior as you represented cases of Vodafone and other legendary parties cases.
The presentation of case is Important as you know and the written statement with evidence and proof has its own essence at Court of Law.
your case has been assessed to undisclosed income of Rs. 91.95 crore by the Income Tax Settlement Commission. Penalty of Rs. 56.67 Cr u/s 271(1)(c) has also been levied.
The addition has been made inter alia in respect of the following issues:
(i) Claim of 100% depreciation on purchase of solar panels allegedly worth Rs 35.98 crore. The supplier admitted receipt of only Rs. 21.39 crore out of the Rs. 25.16 crore claimed to have been paid. The supplier gave a statement admitting that the cost was “inflated” and that Rs 10 crore was to be repaid to Singhvi in the form of a loan to his sons;
I have full proof explanation with perfect Answer for the said queries suppliers admitting will be nullified.
(ii) Claim of depreciation on purchase of laptops allegedly worth Rs. 5 crore. The Commission held that since Singhvi had employed only 14 advocates/professionals to assist him, he would have had to purchase 1,250 laptops (each costing Rs 40,000) to account for the amount under that head;
I have full proof explanation with perfect Answer for the said queries suppliers admitting will be nullified.
(iii) Non-verifiability of expenditure on account of a “termite attack” on the premises of his chartered accountant in December 2012, which had destroyed all records and expense vouchers, documents;
I have full proof explanation with perfect Answer for the said queries suppliers admitting will be nullified.
(iv) Non-verifiability of cheques payments of 10.97 crore as several inquiry letters were returned un-served.
I have full proof explanation with perfect Answer for the said queries suppliers admitting will be nullified.
Abhishek Singhvi has filed a Writ Petition in the Jodhpur Bench of the Rajasthan High Court in which he has alleged that he has been “trapped” in a “cat and mouse game”. It is also argued that the Commission does not have the jurisdiction to impose penalty on him. “No authority and power has been however been granted to the Settlement Commission in way of the provisions of Chapter XIX-A of the Act to impose and /or direct imposition of penalty under the provisions,” the petition stated.
The High Court has granted an interim stay in the matter.
Dear brother as your younger brother If you trust me
in my say to throw around you a ring of protection from the Legal point of view, you may feel free to contact me.
I will be pleased to help you.I may not be your brother by blood relation but may be brother by profession we are in the line since last so many years say 3 and 1/2 decade
I was searching Income tax section 69c interpretation for Bogus purchases said by Income tax de[partment for one of my assesse in Mumbai and I found your article and that’s how i contacted you
you may feel free to contact me on email ashokpatel929@gmail.com legalcatchcell@gmail.com
so called law abiding n thinking of himself n his party of clean image and righteousness will be keeping his big MOUTH SHUT
One who advices others to come out clean forgot to take advise for himself
GOOD, THE LAW MUST TAKE ITS OWN RECOURSE AND NO BODY SHOULD BE LEFT . EVEN THE HIGH AND MIGHTY LIKE ABHISEX MANU SANGHVI SHOULD NOT BE LEFT