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A U P businessman has stored coins worth Rs 40 lakhs

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Published on 9 Dec 2016 1:56 PM GMT

A U P businessman has stored coins worth Rs 40 lakhs
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A U P businessman has stored coins worth Rs 40 lakhs
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Lucknow: While businessmen and others have hoarded high-value currency notes in other parts of the country, an industrialist has stored coins to the tune of as much as Rs 40 lakhs in his house in this Nawabi city. He, like other hoarders. has been asked to disclose the source. The difference, however, is that instead of Income Tax or Enforcement Directorate (ED), he has to make the disclosure to the court.

This first case of its kind in the country might have gone unread had he not approached the court-- Lucknow bench of the Allahabad High Court. The tax and ED officials have been informed about it but they have so far kept themselves away from the scene.

Not taking a serious view, the court has asked the owner of the food factory not to deposit the entire amount on one day but in instalment of Rs 5000 per day as the bank employees are already hard-pressed due to demonetisation. They have been also given time and asked to accept the coins from the first of next month as they will be busy with collection of old high-value currency notes till the thirtieth of the month, the time given for return of banned notes.

The court has not gone into the genuineness or otherwise of this huge sum of money with Sandeep Ahuja. For, the petition which the two-judge bench headed by chief justice Dilip Balasaheb Bhosle heard was moved to urge the court to ask one of the banks where he had account to accept the coins.

Ahuja had accounts in two public sector banks and both had refused to oblige him. Since he has made the disclosure himself even if officials found them ill-gotten the penalty can be only to the extent of 50 percent. In case of detection by tax or Ed officials 85 per cent of the sum detected was to be taxed, fined and partly blocked for four years.

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