Denomination game: 42 crore tax had to be paid in exchange for 25 crore notes, know the whole case | Income tax department impose 42 crore tax on this businessman

Denomination game: 42 crore tax had to be paid in exchange for 25 crore notes, know the whole case | Income tax department impose 42 crore tax on this businessman

It will be a heavy blow to the trader trying to dispose of the notes dropped during the denomination. In this case, the income tax department has now imposed a tax of Rs 42 crore on a businessman.

Denomination game: Rs 25 crore tax had to be paid in exchange for Rs 25 crore notes, know the whole case

note bandi old currency

New Delhi: On November 8, 2016 at 8 pm, everyone listened to Prime Minister Narendra Modi’s speech on denomination. On this day, the Prime Minister announced the closure of Rs. 500 and Rs. 1000 notes addressed to the country. More than 4 years have passed since the denomination. But the trader who tried to dispose of the notes dropped during the denomination has been hit hard. In this case, the income tax department has now imposed a tax of Rs 42 crore on a businessman. (Income Tax Department Impose 42 Crore Tax On This Businessman)

In fact, the matter is in the Meerut district of Uttar Pradesh. According to Amar Ujala, Sanjeev Gupta misused the notes at the time of denomination and tried to dispose of old notes worth Rs 25 crore. The Income Tax Department was investigating the matter. Now the Income Tax Department has imposed a tax of Rs 42 crore on this businessman.

That’s how the whole game ended

After the closure of the old notes, Meerut businessman Sanjeev Gupta collected Rs. 500 and Rs. 1000 notes from many people and seeing the opportunity, he started converting these notes into new notes. But the matter came on the radar of the income tax department. This businessman collected all the old notes of Rs 25 crore. But the matter was investigated and all these notes are still in the possession of the police. On the other hand, the action of the Income Tax Department was initiated. Now the Income Tax Department has imposed a tax of Rs 42 crore on this businessman.

In 2018, 25 crore challans were recovered

According to Amar Ujala’s report, in the year 2018, the police had seized a total of Rs 25 crore from the businessman’s house. All the challans were seized after an investigation into the case and handed over to the police. Even today all these notes are kept in Partapur police station. Taking action on these old notes of Rs 25 crore, the Income Tax Department has now imposed a tax of Rs 42 crore on this businessman.

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income tax department impose 42 crore tax on this businessman

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