Pramod Agrawal, chartered accountant accused of swindling crores of public money, has been slapped with a tax demand of over Rs 100 crore. This is probably biggest ever demand from an assessee in the region. Not just that, the income tax department could slap another Rs 100 crore penalty on Agrawal for concealment of income.
If the tax is not received or an appeal filed within a stipulated time, the department can go ahead with selling off the land purchased by Agrawal's company Mahadeo Developers. This firm collected money from the public with a promise of doubling it in two and a half years. It claimed that rapid appreciation in land prices due to the Mihan-fuelled boom will generate enough profits to allow such returns. Agrawal's income on which the tax was demanded has been pegged at Rs 450 crore by the department. It was on the basis of findings of a search and seizure operations conducted on him in 2008. The money Mahadeo Developers collected was projected to be invested only in plots of land near Mihan SEZ, but even property in other districts was bought.
If the tax is not received or an appeal filed within a stipulated time, the department can go ahead with selling off the land purchased by Agrawal's company Mahadeo Developers. This firm collected money from the public with a promise of doubling it in two and a half years. It claimed that rapid appreciation in land prices due to the Mihan-fuelled boom will generate enough profits to allow such returns. Agrawal's income on which the tax was demanded has been pegged at Rs 450 crore by the department. It was on the basis of findings of a search and seizure operations conducted on him in 2008. The money Mahadeo Developers collected was projected to be invested only in plots of land near Mihan SEZ, but even property in other districts was bought.
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