An Indian Businessman was caught red handed travelling alone in a chartered jet with Rs 3.5 crore in denominations of old Rs 500 and Rs 1000 notes.
Acting on the tip-off, Central Industrial Security Force (CISF) took the businessman identified as A Singh into custody soon after the landing at Dimapur. He hails from Munger district in Bihar and boarded the chartered jet at Sirsa in Haryana.
Soon after his arrest, The case was handed over to Income Tax Department. Initially, There were reports that the cash could be up to Rs 5.5 crore. However, IT Sleuths confirmed that its not more than Rs 3.5 crore after examination. The source of the income is now verified by the Taxman.
After the launch of Demonetization scheme, The Super Rich have been busy finding ways to convert their black money into white. They have every chance of facing 200 percent penalty if IT Department detects their unaccounted money.
Acting on the tip-off, Central Industrial Security Force (CISF) took the businessman identified as A Singh into custody soon after the landing at Dimapur. He hails from Munger district in Bihar and boarded the chartered jet at Sirsa in Haryana.
Soon after his arrest, The case was handed over to Income Tax Department. Initially, There were reports that the cash could be up to Rs 5.5 crore. However, IT Sleuths confirmed that its not more than Rs 3.5 crore after examination. The source of the income is now verified by the Taxman.
After the launch of Demonetization scheme, The Super Rich have been busy finding ways to convert their black money into white. They have every chance of facing 200 percent penalty if IT Department detects their unaccounted money.