Kalaignar TV got Rs 52 cr from suspected ‘fictitious’ firms: CBDT to JPC

During the three-hour-long meeting of the committee where Revenue Secretary R S Gujral also appeared,its members slammed the CBDT and the IT department over its “snail’s pace” of probe when they said that out of nine companies,assessment had been completed of only two companies – Reliance Telecom and Tata Realty and Infra Ltd.

The panel was assured that the probe will be completed by March,2013.

The CBDT said it was looking into the antecedents of 17-18 Kolkata-based companies for allegedly helping Kalaignar TV repay the Rs 200 it had collected for its shares which were actually not allotted. The company had allegedly collected the money from various sources,the JPC was told.

“But in that,there is a deficit of Rs 52 crore which comes from a few companies of Kolkata. Those companies’ details are not available to the CBDT. Their balance sheets are not available to Income Tax. That’s a major lacunae in the returns submitted to the IT dept,” JPC chief P C Chacko told reporters quoting the CBDT presentation.

He said CBDT and Income Tax department doubt that these companies are “fictitious”.

“They are not confirmed (whether the companies are fictitious). They (IT department) are looking into that…17 or 18 companies registered in Kolkata are the source of the Rs 52 crore. Other sources of money are confirmed,” Chacko said.

Kalaignar TV is alleged to have been a beneficiary of funds in connection with the 2G spectrum allocation.

CBI had indicted Karunanidhi’s daughter Kanimozhi of having taken bribe to the tune of Rs 200 crore,which was routed to Kalaignar TV,in which she has 20 per cent stake.

The CBDT presentation was part of its progress report to JPC since its last report to the panel on September 7,2011.

The presentation covered nine companies – Unitech Group,Etisalat DB Telecom,Reliance Telecom,Videocon Telecom,Tata Realty and Infra Ltd,Telenor Norway,Loop Telecom,Cineyug and Kalaignar TV.

When members asked about progress made in the Aircel-Maxis deal,CBDT said since the presentation was a progress report on nine companies,it had no mention about that deal,Chacko said.

The CBDT will get back to the JPC on the progress made in the Aircel-Maxis deal.

On its finding on Reliance Telecom,CBDT said the assessment was complete and the company has allegedly paid taxes on capital gain to the tune of little over Rs 10 crore on investment made in the shares of Swan Telecom Ltd and its subsequent sale to DB Group.

Tata Realty and Infra Ltd had made an advance payment of Rs 1650 crore to Unitech group. But the actual transaction was to the tune of Rs 601 crore for purchase of 49 acres of land,Chacko said quoting the CBDT presentation.

The remaining amount along with the interest was returned to Tata Realty for which a tax liability of Rs 44.27 crore was imposed,Chacko said.

The assessee paid Rs 10 crore as tax and moved Income Tax Commissioner for an appeal against the liability.

While CBI officials would appear before the panel on July 24,the CVC is likely to appear before it in August,Chacko said.