CBI to file cases against over 20 IT tribunal members

The investigating agency has gathered sufficient evidence against these members for allegedly conspiring with private persons to pass favourable orders

New Delhi: The Central Bureau of Investigation (CBI) is likely to register cases against more than 20 members of different benches of Income Tax Appellate Tribunal (ITAT) for alleged corruption and collusion while dealing with various cases, reports PTI.

Official sources said that the investigating agency has gathered sufficient evidence against these members for allegedly "conspiring with private persons to pass favourable orders".

The ITAT is a quasi-judicial body and has benches at Mumbai, Delhi, Agra, Ahmedabad, Allahabad, Amritsar, Bangalore, Chandigarh, Chennai, Indore, Nagpur, Patna among others.

The two-member bench is selected by a board chaired by a sitting judge of the Supreme Court.

"The CBI has received evidence on alleged irregularities being done by ITAT members. Over 50 orders passed by these members are being scrutinised by the agency. The orders clearly indicate criminal collusion and corruption," a source claimed.

He said the names of some noted chartered accountancy firms have also come up during the preliminary investigation.

"Some fresh cases may be registered against ITAT members and personnel of the chartered firms," the source added, refusing to divulge more information.

The CBI, on 13 May 2008 registered a case against Jugal Kishore, an ITAT member from Kolkata, for allegedly accepting a bribe of Rs30 lakh from an accounting firm to deliver favourable orders to its client.

A charge sheet has been filed by CBI in January this year before a Kolkata special court against Mr Kishore and five other persons including the owner of accounting firm (SK Tulsiyan and Company), SK Tulsiyan, Sashi Tulsiyan, Ravi Tulsiyan besides middle men Subhash Chand Barjatiya and Nishant Jain.

The agency had alleged that Mr Kishore demanded bribe of Rs30 lakh from the accounting firm for undue favours extended to them in Income Tax matters of various parties before the Tribunal.

"The Tulsiyans were acting as a tout to Shri Jugal Kishore and were the middlemen and prepared orders on behalf of the members of ITAT, Kolkata and manipulated orders," a CBI spokesperson had alleged.

The most glaring case is that of the tribunal's Kolkata bench as many as 12 of its orders were recovered from Mr Tulsiyan's hard discs before these were delivered, the CBI had alleged.

The CBI during searches conducted at Mr Kishore's residence recovered Rs28 lakh of alleged bribe money and the remaining Rs2 lakh was found in a brief case with Mr Jain and Mr Barjatiya.

Later, during the searches at the offices of the accounting firm, the CBI had claimed to have recovered nearly 14 computer discs carrying over 70 pre-dated judgements which were delivered in various benches of the tribunal.

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COMMENTS

Ex IRS Officer

5 years ago

A most refreshing news, though too late and too little considering the enormity of the extent of corruption and, that too, openly. Right from the application stage the process starts and the amount paid to procure a seat on the Bench is recovered within just a month of joining the job!
At least 70% sitting and 90% ex-members deserve this honour!

REPLY

C Jyoti

In Reply to Ex IRS Officer 5 years ago

Ex IRS Officer is right in what he writes about this corrupt body. These people operate through agents, called CAs/Advocates and all openly. A particular member is known to prefer publicly representation by professionals appointed at that member's instance from the place of the said member's origin to ensure that the firm of practitioners the person worked for is safely in business and the person's share in the loot remains safe! Another man with an interst in a chain of restaurants openly solicits for particular CAs/Advocates, while constitution of benches is itself a million crore exercise as much as the postings and transfers in the ITAT! CBI actually can never fathom the extent of corruption in the ITAT.

DTDC buys 52% stake in Eurostar Express for Rs4 crore

Dubai-based Eurostar Express is a subsidiary of the $500 million Eurostar Group and will help DTDC expand operations in the Middle East and North African region

Mumbai: Homegrown express courier company DTDC has acquired a controlling stake in a Dubai-based courier company Eurostar Express for Rs4 crore, a top official said on Monday.

DTDC acquired a 52% stake in Eurostar Express for Rs4 crore that will help it expand operations in the Middle East and North African region, its director and head for international businesses Suresh Bansal told PTI.

"We plan to use Dubai as a hub for trade in the entire GCC region to start with and then onwards to the MENA," he said, adding that the acquisition received a go-ahead from the local authorities over the weekend.

Eurostar Express is a subsidiary of the $500 million Eurostar Group, which has interests a lot of industries including satellite television and real estate, he said.

DTDC already had a presence in the UAE region through an office, which will now be expanded to 100-odd professionals and a fleet of about 60 vehicles, it said in a statement.

On other international plans, Mr Bansal said the company is also negotiating a joint venture with a local partner for expanding into Australia.

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Nifty struggling to rally: Monday Closing Report

The Nifty may try to stage a rally but the problem is that the US market is likely to decline sharply

A spike in April inflation and weak global cues saw the indices falling to their lows in post-noon trade; however, a small bounce-back in the last hour helped the market pare some of the losses. In our Friday's closing report we had mentioned that the Nifty may hit 4,880 on Monday. Today, the index slipped below this level but closed above it at 4,908. The next support lies at 4,860. If the benchmark manages to close above this level and closes above the previous day's high, we may see a possible change in direction. The National Stock Exchange (NSE) saw a volume of 51.08 crore shares, the lowest since 16 April 2012.

The market opened with minor gains this morning, ahead of the release of the inflation data for the month of April. The Asian pack was subdued in morning trade on the political impasse in Greece and the Chinese central bank's move to reduce bank reserve requirement on Saturday. Back home, the Nifty opened at 4,934, up five points, and the Sensex resumed trade at 16,318, a gain of 25 points over its previous close.

Buying in metal, banking and auto stocks lifted the benchmarks to their day's high in morning trade. At the highs, the Nifty rose to 4,957 and the Sensex climbed to 16,390.

The market was range-bound till late morning trade. However, a spike in inflation for the month of April coming in at 7.23% compared to 6.89% in the previous month saw the indices paring all their gains and moving into the negative.

A lower opening of the key European indices added to the woes of the local investors in subsequent trade. The benchmarks fell to their lows at around 2.40pm with the Nifty touching 4,875 and the Sensex going down to 16,125.

A marginal recovery in the last hour saw the indices come off their lows, but the push was not enough leading to the market closing in the red for fifth straight day. The Nifty settled 21 points lower at 4,908 and the Sensex ended trade at 16,216, a cut of 77 points.

The advance-decline ratio on the NSE was negative at 443:976.

Among the broader markets, the BSE Mid-cap index declined 1% and the BSE Small-cap index tanked 1.26%.

The top sectoral gainers were BSE Healthcare (up 0.78%); BSE IT (up 0.41%); BSE Consumer Durables (up 0.36%); BSE Capital Goods (up 0.34%) and BSE Fast Moving Consumer Goods (up 0.28%). The losers were led by BSE Oil & Gas (down 1.69%); BSE Bankex (down 1.61); BSE Realty (down 1.27%); BSE PSU (down 0.91%) and BSE Power (down 0.79%).

Larsen & Toubro (up 1.84%); Bajaj Auto (up 1.80%); Tata Power (up 1.51%); Sun Pharma (up 1.26%) and Infosys (up 1.13%) were the key gainers on the Sensex. The major losers were DLF (down 2.64%); Tata Motors (down 2.42%); Reliance Industries (down 2.32%); HDFC Bank (down 2.02%) and BHEL (down 1.99%).

The Nifty was led by Asian Paints (up 3.06%); Ranbaxy (up 2.29%); Sesa Goa, BPCL (up 1.87% each) and Bajaj Auto (up 1.80%). The top laggards were Cairn India (down 4.82%); Bank of Baroda (down 4.59%); SAIL (down 3.42%); Reliance Infrastructure (down 3.20%) and Punjab National Bank (down 3.07%).

Markets in Asia, with the exception of the Nikkei 225, settled in the red, on political instability in Greece and concerns of a slowdown in China. News that German chancellor Angela Merkel's party lost a regional election was a setback to investors.

The Shanghai Composite fell by 0.60%; the Hang Seng declined 1.15%; the Jakarta Composite tanked 1.48%; the KLSE Composite dropped 0.58%; the Straits Times slipped by 0.67%; the KOSPI Composite shed 0.18% and the Taiwan Weighted settled 0.33% lower. at the time of writing, the key European indices were reeling with cuts of 1.79% to 2.22% and the US stocks futures were deeply in the negative. If the S&P 500 closes below 1,340, we will possibly see a sharp decline which will affect Indian stocks as well.

Back home, foreign institutional investors were net buyers of shares totalling Rs158.56 crore on Friday. On the other hand, domestic institutional investors were net sellers of equities amounting to Rs243.29 crore.

The board of Kanoria Chemicals & Industries has proposed 30% dividend for FY11-12 against 100% in FY10-11. The company reported a standalone net profit of Rs305.62 crore for the whole year against Rs16.98 crore in the previous fiscal. The rise in net profit has been attributed to the sale of its chloro chemicals division. Kanoria Chemicals declined 0.87% to close at Rs34 on the NSE.

GlaxoSmithKline Consumer Healthcare, makers of the brand Horlicks, on Monday announced the launch of its Horlicks Aahar Abhiyan. The campaign will focus on issues of malnutrition among the youth. The stock shed 0.08% to settle at Rs2,780 on the NSE.

Jain Irrigation Systems, leader in irrigation systems, has signed an agreement with Kibbutz Naan to acquire the remaining 50% of the irrigation solutions company-NaanDanJain-which up till now was jointly equally owned by Jain Irrigation and Kibbutz Naan. This acquisition realizes the call option that the Indian company Jain Irrigation has held since acquiring the first 50% in 2007. The stock fell by 0.46% to close at Rs75.20 on the NSE.

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