An I-T department official said, “Hasan Ali does not have enough assets to meet the tax liability." Hasan Ali Khan, a Pune-based stud farm owner have been accused of stashing money in tax havens abroad and evading paying tax. He was taken into custody by the Enforcement Directorate on Mar 17 and later moved to jail in Mumbai.
The I-T department was faced with the task of recovering a tax collection target of Rs 5.32 lakh crore for this fiscal and a whopping tax arrears estimated at Rs 2.02 lakh crore. The officials stated, “About 1.95 lakh crore is difficult to recover."
Thursday, saw the government setting up a committee to tackle the issue of black money and suggesting ways by which they can trace chronic tax defaulters, reveal their identity to the public and recover taxes.
According to unofficial estimates, black money figures range anywhere between $450-1,400 billion. A recent study by Global Financial Integrity had revealed the estimated illicit money outflow to be $462 billion. There are no official estimates on the amount of black money held within and outside India.
(With inputs from PTI)