New Delhi: Congress leader and senior lawyer Abhishek Manu Singhvi had claimed that his tax records had been ate up by ‘termites’. Notify that Singhvi had been slapped by income Tax Department by Rs. 56.67 crore.
The IT Department’s Settlement Commission added over Rs91.95 crore to his declared professional income for an assessment period of three years and charged in appropriate tax liability.
Singhvi in its statement said that he had himself approached the Settlement Commission and in response the Settlement Commission started an investigation and slapped a penalty.
He said that he could not prove his expenses because, “all my documents were destroyed in a termite attack.”
He also said that he bought laptops for his employees worth Rs. 5 crore, on which he was not allowed to claim depreciation.
Incidentally, Singhvi has 14 employees. This, the Commission noted, implied that Singhvi had bought 1,250 laptops at an average cost of Rs. 40,000 for his 14 employees.
In its order, the Commission also said that contrary to Singhvi’s claims that net income from his legal practice was only 55%, senior SC lawyers had told the I-T Department that a senior counsel’s net income is between 90% and 95%.
The Commission detected non-verifiable cheque payments to the tune of Rs. 10.97 crore.
Congress leader also claimed that he had spent Rs35.98 crore to purchase solar panels for his company called Rishab Enterprises.
Bureau Report
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