New Delhi: The Directorate General of GST Intelligence (DGGI) today ruled out any possibility of agreeing with the deposition of Odochem Industries, Kannauj – a manufacturer of perfumery compounds – and its proprietor Peeyush Jain, and finalising the tax liability accordingly.
The DGGI refuted certain media reports that claimed it had decided to treat the cash recovered as the turnover of the manufacturing unit and proposes to proceed accordingly. It claimed a total cash of Rs. 197.49 crore, 23 kg of gold and offending goods of high value were recovered so far from Jain’s two premises. (Earlier reports stated cash worth INR 257 crores, 250 kgs of silver besides 25 kg of gold recovered from his premises).
Some reports also stated that after admitting his liability, Peeyush Jain had, with the approval of DGGI, deposited a total amount of Rs 52 crore as tax dues.
Terming the reports as “purely speculative, without any basis ad seek to undermine the integrity of the ongoing investigations”, the DGGI today claimed it has never agreed with the deposition of Jain and finalised the tax liability accordingly.
Also read: Arrested Piyush Jain’s business links span a gamut of 50 countries!
In this regard, it clarified that the total amount of cash in the ongoing case from the residential and factory premises of Peeyush Jain had been kept as case property in the safe custody of the State Bank of India pending further investigations. No deposit of tax dues has been made by Odochem Industries from the seized money to discharge their tax liabilities and their tax liabilities are yet to be determined, it stated.
Further, the DGGI stated that the voluntary submissions made by Jain were a subject matter of ongoing investigations and any view on the source of cash seized by the department and the exact tax liabilities of Odochem Industries or other parties involved in the investigation shall be taken on the basis of appraisal of evidences collected from various premises during the searches and the outcome of further investigations.
Based on his voluntary admission of guilt and the evidence available on record, Jain was arrested on December 26, 2021 for commission of offences prescribed under section 132 of the CGST Act and was produced before the Competent Court on December 27, 2021. The Court remanded him to 14 days judicial custody.
– global bihari bureau
