Kolkata-based advocate SK Tulsiyan, known in the I-T circles as a CA, is under the CBI scanner for allegedly using his connection to obtain favourable orders from the Income-Tax department and ITAT
Both chartered accounts (CAs) and lawyers are angry over the highly influential SK Tulsiyan, an advocate who is often, mistakenly referred to as a CA. According to reports from the Indian Express, the Central Bureau of Investigation (CBI) is set to file a charge-sheet against Mr Tulsiyan of SK Tulsiyan & Co and a member of the Income-Tax Appellate Tribunal (ITAT). About two years ago, the CBI had asked the revenue department of the finance ministry to conduct an inquiry to determine if orders issued by the ITAT in around 75 cases, where private parties benefitted at the expense of the government, were in accordance with the law or not.
However, this is not the first time Mr Tulsiyan has been in the news. In fact he is notorious among tax evaders and has also been in trouble earlier. But each time he got away. In May 2008, the CBI caught Jugal Kishore, an accountant member with the tribunal, red-handed while accepting Rs30 lakh from representatives of SK Tulsiyan and Co. According a report from the Times of India, Mr Tulsiyan managed to obtain favourable orders by bribing or threatening officials from the Income Tax (I-T) department, especially the ITAT that works under the law ministry.
Citing a case involving a well-known company, an official told the newspaper that, “The matter was represented by some of the best legal brains but they lost. (Mr) Tulsiyan took charge of the case and got the order reversed by filing a miscellaneous application in ITAT. He even had the clout to prevent department representatives from appointing a special counsel to appear for them. Some of the matters were transferred to the ITAT benches where members of his choice were posted.’’
"(Mr) Tulsiyan, who has his offices in Kolkata and Mumbai, is known in the I-T circles as a CA who could get orders in favour of his clients," the ToI reported.
Aggrieved by the arrest of ITAT member and Mr Tulsiyan, one senior advocate SE Dastur, on 6 June 2008 even wrote a letter to the Editor of the Federation of Tax Practitioners Journal. He said, “What is unfortunate is that members practising in the tribunal, at least in Mumbai, did not evince any great sense of disbelief or surprise that there could be an occurrence of this nature.
In the Bar Association members recounted stories of the influence which the advocate concerned commands and the easy access and audience he always has. It is also rumoured that he and his sons have been generous in providing hospitality to members of the tribunal."
In one of the stories on Taxguru.in about effective use of technology in preventing corporate fraud, someone commented that, “Apart from his (Mr Tulsiyan's) erudition and vast legal knowledge, he is the only person who has been the only selfless saviour of the income tax family for three decades, especially in Calcutta and Bombay, by helping officers in times of need—be it transfers and postings or medical emergencies." This comment, however, also highlights the nexus between Mr Tulsiyan and the officials from the I-T department.
According to CA sources, Mr Tulsiyan enjoys luxuries at the cost of his clients. His most preferred accommodation in Mumbai is Hotel Marine Plaza and the client for whom he had flown down from Kolkata had to bear all the expenses.
In 2008, the CBI filed a case against Jugal Kishore, the then member of the ITAT, Ravi Tulsiyan, who is a CA, of SK Tulsiyan & Co, Subash Bajoriya of Mayank Securities and Nishant Jain, after the agency recovered Rs28 lakh from Mr Kishore's residence. The money was allegedly paid to him by Mr Jain on behalf of Mr Subhash and on instructions of the CA firm.
Soon after, the ITAT Bar Association held a meeting of its managing committee in Mumbai, which noted the news reports....
1. that a Member of the Income-tax Appellate Tribunal (Tribunal) based in Kolkata and an advocate have been arrested by the CBI in relation to a bribe said to have been offered by the advocate to the member
2. that the hard discs of 14 computers seized from the premises of the advocate were removed prior to the seizure
3. that the discs have been recovered from the residence of an employee of the advocate.
However, except for resolving not to interfere in the ongoing investigation and requesting that the Bar Council of India (may) to look into the matter and take appropriate steps as may be considered necessary, the association could not do much.
Later, the CBI found the missing hard-disks of all the computers seized from SK Tulsiyan & Co. Scrutiny of the disks led to the retrieval of 75 documents that showed striking similarity with 69 orders issued by ITATs in Kolkata, Mumbai, Chennai, Hyderabad, Bhubaneswar, Guwahati and six orders issued by Commissioner of Income Tax (Appeals) of Kolkata during 2006 to 2008. To their shock, the CBI found that these documents were created even before the issuance of the orders from the ITAT and almost all were written by the firm. Especially, the orders (about 12) issued by Mr Kishore, were prepared at Mr Tulsiyan's office and then transferred the ITAT member for delivering the judgement.
While Mr Kishore was suspended pending investigation, Mr Tulsiyan is now out on bail. Apart from Mr Tulsiyan, his son Ravi Tulsiyan and brother Sajjan Kumar Tulsiyan will also be named in the charge-sheet. Kolkata-based businessman Mr Bajoriya and the middleman Mr Jain are also among those who will be charge sheeted before a Kolkata court by the CBI.
"I am fully aware that the judgements of the tribunal often display learning of a high order. The activities of a few, however, tarnish the image of all. It is indeed sad if a professional person’s activities have created this unfortunate situation," the senior advocate wrote in his letter.
Society of Indian Automobile Manufacturers today lowered car sales growth forecast for the third time to 0%-2% for the ongoing fiscal citing unfavourable macro economic conditions, but said the same could see a jump by 11%-13% in FY12-13, it added
New Delhi: Automobile industry body Society of Indian Automobile Manufacturers (SIAM) today lowered car sales growth forecast for the third time to 0%-2% for the ongoing fiscal citing unfavourable macro economic conditions, but said the same could see a jump by 11%-13% in FY12-13, reports PTI.
“The factors that are affecting the automobile industry such as high interest rates, inflation, high petrol prices and negative economic sentiments are still prevalent. Hence, taking those into consideration we see growth in the ongoing fiscal to be lower from the previous forecast,” SIAM president S Sandilya told reporters at the 11th Auto Expo here.
As per the latest revised forecast, the overall automobile industry is expected to grow by 11%-13% this fiscal.
The same for passenger cars has been pegged at 0%-2%, while that of two-wheelers are at 13%-15% and that of commercial vehicles at 18%-20%.
Earlier in October last year, SIAM had significantly lowered passenger car sales growth forecast for 2011-12 to 2%-4% due to lower output at Maruti Suzuki because of labour issues, and higher lending rates from 10%-12% predicted in July 2011.
In October, SIAM had revised its projections for total sales marginally upward to 11%-14% for FY11-12. It had also revised upward the projection for the two-wheeler segment to 13%-15%. Growth projections for commercial vehicles were revised northward at 13%-15%.
Commenting on the forecast for fiscal 2012-13, Mr Sandilya said: “We don’t foresee interest rates going up further in the next fiscal. Also, there is expectation of stability on the fuel prices and all the other indicators are positive”.
He further said the auto industry is expecting the Reserve Bank of India (RBI) to reduce interest rates by 250-500 basis points in the next fiscal.
Based on these assumptions, SIAM said while the passenger cars sales will grow by 11%-13% in FY12-13, commercial vehicles will witness 12%-14% growth. The two-wheeler segment is pegged to rise by 11%-14% and three-wheeler segment by 6%-9%.
“Overall we see the auto domestic industry growing by 10%-12% in the next fiscal,” Mr Sandilya said.
He, however, said the forecast has not taken into account the possible impact of any change in excise duty structure in the Budget or any other announcement that can impact the auto industry.
Asked about expectations from the Budget for 2012-13, Mr Sandilya said the auto industry hopes that the Rs15,000 additional duty imposed on big cars will be removed.
Sales of the overall Indian automobile sector in 2011 increased by 14.25% to 1,69,13,355 units from 1,48,04,108 units in 2010, as per data released by the Society of Indian Automobile Manufacturers
New Delhi: The Indian passenger car segment witnessed a high single-digit growth rate of 8.49% in December 2011 as heavy discounts lured customers to showrooms, besides an imminent price hike from this month pushing sales further, reports PTI.
Meanwhile, sales of the overall Indian automobile sector in 2011 increased by 14.25% to 1,69,13,355 units from 1,48,04,108 units in 2010, said the Society of Indian Automobile Manufacturers (SIAM) today at the 11th Auto Expo here.
During December 2011, domestic passenger car sales jumped by 8.49% to 1,59,325 units compared to 1,46,856 units in the same month a year ago, SIAM said.
“What I am told in the market is that the discounts in December and the expectations of a price hike in January had an impact on sales positively,” SIAM president S Sandilya told reporters here.
The country’s largest car maker Maruti Suzuki India posted sales of 69,329 units, down 8.36% from the same month previous year.
However, rival Hyundai Motor India’s sales grew by 12.98% to 29,449 units from December 2010, while Tata Motors’ sales increased by 39.68% to 23,661 units.
According to SIAM, total two-wheeler sales in December 2011 increased by 8.52% to 10,91,982 units from 10,06,289 units in the same period of previous year.
Motorcycle sales in the country during the month grew by 7.27% to 8,07,829 units from 7,53,102 units in the same month previous year.
Market leader Hero MotoCorp witnessed a growth of 7.93% at 4,88,604 units compared to the same month a year ago, SIAM said.
Rival Bajaj Auto jumped 2.43% at 1,69,485 units from the corresponding month previous year. Honda Motorcycle & Scooter India (HMSI) saw its bike sales going up by 29.28% to 69,581 units as compared to the same month previous year.
However, TVS Motor Co had sales of 39,198 units, down 12.11% from the same month a year go year.
On the scooters front, sales grew by 16.23% to 2,18,974 units in December 2011 as against 1,88,391 units in the year-ago period, SIAM said.
The growth in the segment was led by HMSI with an increase of 44.52% at 1,10,282 units during last month.
TVS Motor’s scooter sales were at 42,370 units, a rise of 6.02%, while that of Hero MotoCorp increased marginally at 36,546 units.
Total sales of commercial vehicles during the month jumped by 14.50% to 72,192 units from 63,048 units in the year-ago period, SIAM said.
Light commercial vehicle sales rose by 19.07% in December 2011 to 41,234 units from 34,631 units in the same month in 2010. Medium and heavy commercial vehicle sales were up 8.94% at 30,958 units during the month from 28,417 units in the year-ago period, SIAM said.
Three-wheeler sales during December 2011 were down 3.42% to 42,219 units compared to 43,715 units in the year ago period, it added.
In December 2011, total sale of vehicles across categories registered a growth of 8.45% to 14,13,709 units as against 13,03,516 units in the same month of 2010.
For the entire 2011 calendar year, the Indian automobile sector witnessed a healthy growth of 14.25% at 1,69,13,355 units despite sluggish demand slowing down the important passenger car segment.
SIAM said sales of domestic passenger cars went up by 4.24% in 2011 to 19,46,373 units from 18,67,246 units in 2010.
The total two-wheeler segment increased by 16.22% to 1,30,93,288 units last year from 1,12,65,587 units in the previous year, it added.
Motorcycle sales in the country rose by 14.97% to 99,46,173 units from 86,51,051 units in 2010, while scooter sales were up by 23.18 per cent to 23,99,330 units last year from 19,47,779 units.
The three-wheeler segment, too, saw its sales going up by 4.74% in 2011 to 5,25,810 units from 5,01,993 units in 2010, SIAM said.