Economy

IT dept points out "substantial increase" in politicians' assets to SC

IT dept points out

The Central Board of Direct Taxes (CBDT) is investigating seven Lok Sabha MPs and 98 MLAs for "substantial increases" in their assets, after a preliminary investigation by the Income Tax Department brought the matter to light.

The Supreme Court was hearing a plea by NGO Lok Prahari on the income and assets disclosed by candidates contesting elections to Parliament and state assemblies while filing nominations.

The affidavit comes after the court made several stinging remarks about how the government machinery is not very forthcoming when it comes to revealing details of the mercurial increase in assets of politicians and lawmakers. However, the CBDT is expected to provide to SC in sealed cover on Tuesday names of MPs and MLAs who increased assets hugely.

The CBDT said it received responses from the Directors General of Income Tax (Investigation) concerning the verification of the assets of 26 Lok Sabha MPs, 215 MLAs and two Rajya Sabha MPs in the list. All that was needed to be checked was whether the rise in assets were bought using known sources of income.

The CBDT informed that the inquiry is underway by the Income Tax department against 20 MPs including nine Lok Sabha members and 42 MLAs. The apex court had directed the government to place necessary information in this regard before the court, but the government has not complied with this.

Of the 257 MLAs, 98 found to have substantially increased their assets and are being further probed, the affidavit also stated. It had called for a separate column in the nomination form seeking details of the sources of income.

"Given that revenue augmentation is the primary concern of the IT department and since increasingly the department is Graduating towards non-intrusive methods, the verification of election affidavits is carried out in respect of specific category of such cases as per agreed parameter between ECI and CBDT", it said.



Like this

Latest


11 September 2017
Stephen King's 'It' storms box-office with record breaking United States dollars 117 M
It also ranks as the second biggest opening for an R-rated film of all time , right behind Deadpool . And New Line Cinema at the North American box office this weekend on its release.

11 September 2017
Meeting with Trump was 'warm, constructive' - Russian ambassador to US
If you find NCRM valuable, would you please consider making a donation to support our independent journalism? "There was not a meeting", White House Press Secretary Sarah Huckabee Sanders said in an email to TPM.

11 September 2017
Fox News Host Likens 9/11 Memorial For Flight 93 To Confederate Statues
If you find NCRM valuable, would you please consider making a donation to support our independent journalism? Since we don't put up statues of Jesus, everyone is going to fall morally short.

11 September 2017
Does Advance Auto Parts Incorporated (AAP)'s current closing price competes the market?
Advance Auto Parts Inc now has $6.83 billion valuation. (NYSE: AAP ) has risen 5.52% since September 8, 2016 and is uptrending. On average, equities research analysts predict that Advance Auto Parts will post $5.17 EPS for the current fiscal year.

11 September 2017
56.8% Of Ford Motor Company (F) Is Owned By Hedge Funds
Following the transaction, the insider now directly owns 532,435 shares in the company, valued at approximately $6,037,812.90. Finally, ValuEngine upgraded General Motors from a buy rating to a strong-buy rating in a research note on Friday, July 28th.

11 September 2017
Google appeals €2.4bn anti-trust fine over shopping service
The battle between the European Union and Google extends over a seven-year period including a failed effort to settle the case. Alphabet will appeal the €2.9bn fine imposed by the European Commission in June , for abusing its market dominance in search.

11 September 2017
Four police officers killed in Egypt blast
The ISIS claimed responsibility for the attack in a brief statement carried by its propaganda "Amaq" news agency. Monday's attack came a day after authorities said they had busted a militant cell planning attacks in Cairo .

11 September 2017
Microsoft Corporation (MSFT) Earns Buy Rating from Goldman Sachs Group, Inc
Finally, Dodge & Cox purchased a new stake in Microsoft Corporation during the fourth quarter worth approximately $2,658,504,000. Also, insider G Mason Morfit sold 7,000,000 shares of Microsoft Corporation stock in a transaction dated Tuesday, August 8th.

11 September 2017
BMO Capital Markets Reaffirms Hold Rating for Nabors Industries Ltd. (NBR)
The Firm is a well-known provider of offshore platform drilling rigs in the United States and multiple worldwide markets. Digging a bit further, company shares have been noted -48.73% off the 52 week high and 50.90% away from the 52 week low.

11 September 2017
Shelters opening for out-of-state Irma evacuees
Forecasts call for Irma's center to arrive far inland in southern Georgia on Monday after it churns up the west coast of Florida. Contraflow on I-16 will begin at 8 a.m. on Saturday to allow for evacuations from coastal Georgia ahead of Hurricane Irma.



Recommended