`Recovery of Rs 91,859 cr arrear from Hassan Ali not possible`
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.
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 on Thursday.
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.