{"id":3534,"date":"2014-11-12T09:02:17","date_gmt":"2014-11-12T03:32:17","guid":{"rendered":"http:\/\/www.itatonline.org\/info\/?p=3534"},"modified":"2014-11-12T09:02:17","modified_gmt":"2014-11-12T03:32:17","slug":"s-2711c-penalty-of-rs-56-67-cr-levied-on-abhishek-manu-singhvi","status":"publish","type":"post","link":"https:\/\/itatonline.org\/info\/s-2711c-penalty-of-rs-56-67-cr-levied-on-abhishek-manu-singhvi\/","title":{"rendered":"S. 271(1)(c) Penalty Of Rs. 56.67 Cr Levied On Abhishek Manu Singhvi"},"content":{"rendered":"

\"abhishek_manu_singhvi\"<\/p>\n

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.<\/p>\n

The addition has been made inter alia in respect of the following issues:<\/p>\n

(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 \u201cinflated\u201d and that Rs 10 crore was to be repaid to Singhvi in the form of a loan to his sons;<\/p>\n

(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;<\/p>\n

(iii) Non-verifiability of expenditure on account of a \u201ctermite attack\u201d on the premises of his chartered accountant in December 2012, which had destroyed all records and expense vouchers, documents;<\/p>\n

(iv) Non-verifiability of cheques payments of 10.97 crore as several inquiry letters were returned un-served.<\/p>\n

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 \u201ctrapped<\/em>\u201d in a \u201ccat and mouse game<\/em>\u201d. It is also argued that the Commission does not have the jurisdiction to impose penalty on him. \u201cNo 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<\/em>,\u201d the petition stated.<\/p>\n

The High Court has granted an interim stay in the matter. <\/p>\n

Based on a report in the Indian Express<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

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) …<\/p>\n

S. 271(1)(c) Penalty Of Rs. 56.67 Cr Levied On Abhishek Manu Singhvi<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,7],"tags":[],"class_list":["post-3534","post","type-post","status-publish","format-standard","hentry","category-all-information","category-others"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/3534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/comments?post=3534"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/3534\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/media?parent=3534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/categories?post=3534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/tags?post=3534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}