According to sources in the agency, Kanpur-based perfume baron Piyush Jain, who is being grilled by various agencies for tax fraud, has offered to settle the whole of his income tax due. This comes after Piyush Jain was investigated by the Directorate General of GST Intelligence and the Directorate of Revenue Intelligence of the Income Tax Department.
Piyush Jain has offered to pay the income tax he is liable for, according to sources in the agency that questioned him in jail. The whole amount of the seizure made from Piyush Jain’s premises, which is close to Rs 187 crore, is subject to an 87 percent tax.
Earlier, the tax office had recovered Rs 197 crore in cash, 23 kilogrammes of gold (worth Rs 11 crore at market value), and 600 kilogrammes of sandalwood oil (worth Rs 6 crore) from the accused’s premises. Fixed deposits at Kanpur and Kannauj banks were among the funds taken.
After self-assessment, Kanpur-based businessman Piyush Jain deposited Rs 54 crore in the account of the Drugs Controller General of India (DGGI) Ahmedabad unit.
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