The Income Tax (I-T) department has slapped a fresh penalty of about Rs 20,000 crore on Tuesday on four associates of Pune-based real estate businessman and stud-farm owner Hasan Ali Khan.
The department has imposed the penalty on Kashinath Tapuriah, his wife Chandrika Tapuriah, RM Investments & Trading Co Ltd and Mumbai-based Syed Ahmed Abbas Naqvi for concealing their respective incomes and also for alleged tax evasion.
However, no fresh penalty has been imposed on Khan and his family members.
After being pulled up by the Comptroller and Auditor General (CAG) recently for wrong assessment in the case of high-risk assessee like Khan, the I-T department came up with a rectified tax demand of R74,917 crore.
As per the rectified data, the tax demand on Khan is R53,377 crore while it is R49 crore for his wife Rheema Hasan Ali Khan. Kashinath Tapuriah and Chandrika Tapuriah are due R594 crore and R20,561 respectively. And RM Investments & Trading Co Ltd stands at R336 crore. The amount includes both interests and penalties.
According to sources, due to the ‘time bar’ factor under the I-T Act in the case of assessment, the penalty has been imposed on the four associates of Khan.
“Fresh penalty on Khan and his wife would be imposed in due course,” a source said.
Mumbai’s I-T department conducted raids at Hasan Ali Khan’s premises in Pune in January 2007, and a notice was issued by the department in February 2007.
However, the investigators feel that Khan would not be in a position to pay his outstanding tax dues.