Pune businessman Hasan Ali Khan has single handedly pushed up the income tax (I-T) arrears to be recovered in Mumbai.
Out of the total arrears of Rs 1.44 lakh crore to be recovered from city taxpayers, Khan alone accounts for 35 per cent of the total amount. Khan has to pay a tax of Rs 50,345 crore, a demand notice for which has been sent to him on December 31 last year.
Khan is suspected to have parked $8 billion (about Rs 36,000 crore when the case first came to light) in an account with UBS AG, a bank in Switzerland, and was raided by the I-T department in January 2007. Subsequently, the Enforcement Directorate got involved, investigating the case under the Foreign Exchange Management Act.
The I-T department has been unable to move ahead in the case, as so far there is no official communication from the Swiss authorities on the amount parked in the bank.
Even though the demand notice served to Khan on December 31 last year had asked him to pay the tax within a month, the I-T department has so far only provisionally attached Khan and his wife’s bank accounts jointly having around Rs 1 crore.
They have also provisionally attached his Peddar Road and Pune properties.
“Once there is official communication from Switzerland confirming the amount, there would be strong evidence against him which would help us in, moving ahead in the case swiftly,” an I-T department official said, on the condition of anonymity.