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The Directorate General of GST Intelligence (DGGI) on Thursday rubbished the report regarding Peeyush Jain's proposal of paying Rs 52 crore as tax dues, saying the report is "purely speculative" and "without any basis".In the context of ongoing investigations by the Directorate General of GST Intelligence in the case of M/s Odochem Industries, Kannauj- a manufacturer of perfumery compounds - and its proprietor Peeyush Jain, wherein total cash of Rs.197.47 crore, 23 kg of gold, and offending goods of high value have been recovered so far from two premises, reports have appeared in certain sections of the media that DGGI has decided to treat the cash recovered as the turnover of the manufacturing unit and proposes to proceed accordingly.Some press reports have even stated that after admitting his liability, Peeyush Jain has, with the approval of DGGI, deposited a total amount of Rs 52 crore as tax dues. Thus, it is made out as if the department has agreed with the deposition of Peeyush Jain and finalised the tax liability accordingly."These reports are purely speculative, without any basis and seek to undermine the integrity of the ongoing investigations which are being carried out in a most professional manner based on specific intelligence against the party," DGGI said in a statement.DGGI clarified that the total amount of cash in the ongoing case from the residential and factory premises of M/s Peeyush Jain has been kept as case property in the safe custody of the State Bank of India pending further investigations."No deposit of tax dues has been made by M/s Odochem Industries from the seized money to discharge their tax liabilities and their tax liabilities are yet to be determined," it said."Further, the voluntary submissions made by Peeyush Jain are a subject matter of ongoing investigations and any view on the source of cash seized by the department and the exact tax liabilities of M/s Odochem Industries or other parties involved in the investigation shall be taken on the basis of appraisal of evidences collected from various premises during the searches and the outcome of further investigations.Based on his voluntary admission of guilt and the evidences available on record, Peeyush Jain was arrested on December 26 for commission of offences prescribed under section 132 of the CGST Act and was produced before the Competent Court on December 27.The court has remanded Peeyush Jain to 14 days judicial custody.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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The Directorate General of GST Intelligence (DGGI) on Thursday rubbished the report regarding Peeyush Jain's proposal of paying Rs 52 crore as tax dues, saying the report is "purely speculative" and "without any basis". ...