The Income Tax Department has started the investigation against Kanpur-based perfume businessman Piyush Jain. The Directorate General of GST Intelligence (DGGI) had recovered over Rs 194.45 crore cash, 23 kg gold and 600 kg sandalwood from the factory premises of Piyush Jain in December 2021.
A joint team of DGGI and local Central GST had taken Piyush Jain to his factory and residence in Kannauj which resulted in a cash recovery of cash and gold. The investigation has been taken up by Income Tax Department, Kanpur division. DGGI last week officially shared the information with the Income Tax department.
Out of Rs 194.45 crore, DGGI raised a tax liability of Rs 52 crore on Piyush Jain. The rest amount of the cash will now be seized or requisitioned by Income Tax under section 132B of Income Tax.
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