Rs. 91,859 crores is not a small sum of money even for a nation with crores of people in poverty.
It is shocking that UPA government should have allowed Finance Ministry to take such a stand.
The illicit wealth stashed away in tax havens using Hassan Ali as the agent should be accounted for and restituted to the nation. This is the responsibility of the sovereign government of India.
Even after the Hon’ble SC passed the famous judgment ‘following the money trail’, Govt. of India has chosen to contest the judgement as over-reach and not taken action to constitute a Special Investigation Team for Black Money recommended by the SC. ““Follow the money” was the short and simple advice given by the secret informant, within the American Government, to Bob Woodward, the journalist from
Washington Post, in aid of his investigations of the Watergate Hotel break in. Money has often been claimed, by economists, to only be a veil that covers the real value and the economy. As a medium of exchange, money is vital for the smooth functioning of exchange in the market place. However, increasing monetization of most social transactions has been viewed as potentially problematic for the social order, in as much as it signifies a move to evaluating value, and ethical desirability, of most areas of social interaction only in terms of price obtained in the market place. “http://supremecourtofindia.nic.in/outtoday/wc17609.pdf
This incompetent UPA Government which has utter regard to safeguard the nation’s wealth should go.
Recovery of Rs 91,859 cr arrear from Hassan Ali not possible: Finance Ministry
Dec 6, 2012, 10.55PM IST
NEW DELHI: The recovery of tax arrears of about Rs 91,000 crore from stud farm owner Hassan Ali Khan is not possible, the Finance Ministry has informed a Parliamentary panel.
“In Hassan Ali Group, the recovery is not possible though all known immovable and move-able assets belonging to the group have been attached,” the Finance Ministry said in its submission before the Standing Committee on Finance.
As per the guidelines, recovery through sale of attached properties can be made only after the decision of appeal filed before Income Tax Appellate Tribunal (ITAT), it said.
Further, it informed, the attached assets are inadequate to recover the entire dues.
The Hassan Ali Khan group has a tax arrear of Rs 91,859 crore, the ministry said.
Out of the total arrears of Rs 2.48 lakh crore, Rs 1.30 lakh crore approximately pertains to money laundering and securities scam cases, according to the data submitted by the Finance Ministry to Standing Committee whose report was tabled in the Lok Sabha today.
Besides Hassan Ali Khan group, it said, Harshad Mehta Group has arrears of Rs 20,244 crore; Ketan Parekh Group – Rs 4,017 crore and Dalal Group – Rs 14,379 crore.
SC judgement on WP 176 of 2009 ‘Black Money’ Justices B Sudershan Reddy & Surinder Singh Nijjar (2011)